AI is an enabler, not a human replacement

Ever since AI became mainstream in October 2022, the biggest concern among the general republic has been the technology’s potential to replace human labor. And while AI has reshaped the economy and society as a whole, people are quickly realizing that AI is best used as an enabler rather than a replacement for humans.

You cannot rely on AI to complete your tasks unsupervised. However, you can use it to automate some aspects of your job to save time and increase productivity.

Andrew Bailey, Governor of the Bank of England echoed these sentiments in his latest interview about AI’s potential to destroy jobs. Mr Bailey is confident that AI will not “mass destroy” jobs. Instead, we will learn how to exist with these tools and leverage them to become better.

"I'm an economic historian, before I became a central banker. Economies adapt, jobs adapt, and we learn to work with it. And I think, you get a better result by people with machines than with machines on their own. So I'm an optimist…" the governor said.

Mr Bailey’s endorsement of the technology comes even as the UK government tries to regulate the industry over safety concerns.

The proposed EU AI act, the world’s first major regulation governing AI development and use, is almost finalized after members of the competent Council of Ministers' Permanent Representatives Committee (Coreper) voted in its favor last week.

Still, there is a lot of resistance from multiple parties that feel the regulation may hinder AI innovations if approved.

According to reports France, Germany, Italy, and Austria were reportedly seeking last-minute changes to the text before it was put to a vote in Coreper.

Also, the parliamentary House of Lords’ Communications and Digital Committee led by Baroness Stowell has published a report urging the UK government not to let "existential risks and sci-fi scenarios" deter the country from reaping the full benefits of the technology.