Artificial intelligence is costing the UK more jobs than its creating compared to its rival economies, according to new research.
A study by Wall Street investment bank, Morgan Stanley, found that British companies using AI reported a net 8% decline in jobs over the past 12 months, double the average reported by companies in the Unites States, Germany, Japan and Australia.
The research surveyed companies using AI for at least a year across five sectors, including retail, transport, healthcare equipment and cars.
It found that UK businesses reported an average productivity increase of 11.5% driven by the use of AI, broadly in line with the global average, The Times reports.
Additionally, UK respondents said 23% of roles had either been eliminated or would not be back-filled.
However, it also suggests the UK is struggling with the rise of artificial intelligence as its rival economies created more jobs than it cut.
The UK fell behind with new hires with companies saying AI had created only 15% more roles.
In line with artificial intelligence moving rapidly from experimentation to application, Aberdeen & Grampian Chamber of Commerce is pleased to present a Digital, Technology and AI Business Breakfast.
This breakfast will explore how businesses are practically adopting AI today, the impact it is already having on operations and performance, and where the greatest opportunities — and risks — now lie.
Secure your ticket here.