Bank of England Governor Andrew Bailey has urged British authorities to adopt a ‘pragmatic and open-minded approach’ to applications of artificial intelligence (AI). Speaking on Monday, Bailey emphasised the importance of actively seeking solutions to the risks posed by AI, rather than simply highlighting them. He stressed the need to understand both the capabilities and limitations of AI, as well as identifying potential broader issues that may arise. Bailey called on stakeholders to collaboratively address these challenges, discouraging what he termed ‘alarmists’ from merely broadcasting concerns without contributing to resolutions.
Bailey’s remarks were part of a speech released by the central bank, delivered at a dinner in Edinburgh aimed at promoting investment in Scotland. The Governor underscored the necessity of fostering a supportive domestic environment to facilitate investment in AI and other long-term projects. He voiced his support for governmental initiatives designed to encourage pension funds to increase their investments in British businesses.
Bailey highlighted the significance of creating conditions conducive to innovation and growth within the UK. His comments reflect a broader effort to position Britain as a leader in the development and deployment of artificial intelligence, while proactively managing the associated risks. The Bank of England aims to foster a balanced approach that encourages technological advancement while safeguarding economic stability and public interests.
Bailey’s speech suggests a proactive approach to navigating the evolving landscape of artificial intelligence within the UK financial sector and beyond, emphasizing the need for collaborative problem-solving and strategic investment to harness the potential benefits of AI while mitigating potential downsides.
