AI job cuts hitting UK hardest, research finds
More jobs lost to AI in the UK than other large economies
- A study by investment bank Morgan Stanley found that job losses in the UK due to artificial intelligence are twice the international average, resulting in a net loss of 8 per cent over the past 12 months.
- Among the five major economies surveyed, the UK was hit hardest, while the US was the only country to see an increase in jobs as a result of AI.
- Companies surveyed reported that the introduction of AI improved productivity and output, even with a reduced workforce.
- The findings are considered an ”early warning sign” of AI's massive impact on the workforce, with UK unemployment currently at a five-year high.
- Prominent figures, including OpenAI CEO Sam Altman and London Mayor Sadiq Khan, have warned of potential mass unemployment and inequality, with Altman advocating for a universal basic income to offset job losses.