The only way to boost the UK economy is for humans and AI to work together, report finds

As artificial intelligence and robotics continue to become staples of human civilisation, what does that mean for us and our jobs?

According to a report conducted by the Royal Society of Arts and YouGov back in September, four million jobs in the private sector in the UK could be replaced by robots in the next decade. When you add into the mix that Stephen Hawking is delivering pessimistic warnings that AI could replace humans altogether, our future, suffice it to say, looks a little grim.

Now, the effect this is likely to have on our economy is being studied. Research undertaken by the Economist Intelligence Unit suggests that if robots do take over our jobs, instead of creating a healthier financial market, the British economy could shrink by a staggering £314 billion. 

 

The report, which lays out various scenarios looking into the effects of AI on world economies, finds that in most scenarios, when AI and robotics work in tandem with human workers, most global economies thrive.

In the first scenario, the Economist Intelligence Unit looked at the effects of upscaling and how AI could complement human jobs rather than take over them. It found that overall productivity in the UK would rise, with the UK GDP rising by 1.29%.

In the second scenario, the team looked at greater investment in technology and easier access to open-source data, with tax credits to spur the adoption of machine learning. This was the most beneficial scenario with the UK’s GDP rising by almost 2%, and all other global economies rising by over 1%.

In the third and final scenario, the Economist Intelligence Unit looked at the effects of a complete lack of upscaling and zero data sharing, leading to the complete AI takeover of human jobs, with Britain’s economy suffering massively as a result. The UK economy would shrink by a huge £314 billion by 2030, with the only economies continuing to grow being those in the US and Asia.

What this report highlights is that, if the previous reports looking into the takeover of jobs by AI are correct, we could not only just see a job shortage in the UK, but also a damaging and detrimental knock on effect on the UK economy.

The best way forward appears to be with the collaborative elements of AI with human workforces. This would not only make us more productive, but would, overall, make the UK and global economies stronger.

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