According to a recent Google report, artificial intelligence (AI) is the biggest technical development of our time and might greatly boost the UK economy.
According to the paper, AI could generate £400 billion in economic benefits for the UK by 2030, resulting in an annual growth rate of 2.6%.
The CEO of FundMyPitch, Steven Mooney, said:
- “Why in the world aren’t our start-ups and SMEs receiving the funding they require to grow their businesses to the next level if AI is predicted to bring billions to the UK economy?”
- Reports repeatedly demonstrate that, in sharp contrast to other markets, UK entrepreneurs find it difficult to obtain reliable funding or even an impartial valuation.
- Financing startups that are at the forefront of AI development should be a primary goal since failing to stay ahead of the curve in this area could have catastrophic effects on the economy.
Debbie Weinstein, the head of Google UK and Ireland, calls AI’s disruptive potential “unprecedented in the tech industry.”
Although there are worries that AI would cause job losses, Weinstein ensures that the use of AI will also lead to the creation of new work prospects. She notes the effects that technology will have on humans and stresses the importance of providing people with the skills they need.
Given the significant influence artificial intelligence will have on every facet of society, Google claims to be working to make sure people are ready for this revolutionary change.
The study is released at a time when many people are concerned about how disruptive AI will be.
The “godfather of AI,” Professor Geoffrey Hinton, recently announced his resignation from Google due to worries about the exploitation of AI tools.
Hinton issues a warning on the potential for dishonest people to use AI for evil. But he also admits that if he hadn’t, someone else would have created artificial intelligence, implying that responsible development and oversight are required.
Experts from all around the world are echoing the need for control and caution in the development of AI.
The possibility for abuse has been brought to light by the introduction of programs like ChatGPT and Midjourney. In its report, Google highlights the need for regulation as artificial intelligence (AI) develops and states that it is actively working with authorities across the world.
Additionally, Google is in favor of governments, corporations, and educational institutions coming together to create a “national skills agenda.” With the advancement of AI technology, our cooperative endeavor seeks to guarantee that workers are not left behind.
The CEO of Pasabi, Chris Downie, stated:
- “Given that artificial intelligence (AI) is predicted to fundamentally alter the global economy, it is encouraging to see tech giants like Google proactively collaborating with the government to adopt a nuanced regulatory strategy.
- While the UK Research Cloud and a national skills agenda are commendable initiatives, greater focus still needs to be placed on the threats posed by cybercriminals who are already abusing technology for their own malicious ends.
- To combat online scams and the widespread epidemic of bogus reviews, it is important to take preventative measures and utilize cutting-edge fraud detection technologies.
Google understands the need for a delicate balance that allows for flexible regulation to draw in outside capital while successfully handling the dangers related to artificial intelligence.
By encouraging cooperation across different stakeholders and placing emphasis on skill development, the UK can use the competitive benefits of AI while mitigating its negative effects.
AI offers benefits as well as challenges, so it’s important to approach this technological revolution sensibly and carefully.
