AI: Disruption or Productivity Catalyst for UK's Economy?

AI has the potential to disrupt UK's economy while boosting productivity. Bank of England's Randall Kroszner emphasizes the need for a regulatory framework that balances innovation and financial stability, urging openness to new regulatory approaches.

Reuters | London | Updated: 21-05-2024 14:04 IST | Created: 21-05-2024 14:04 IST
AI: Disruption or Productivity Catalyst for UK's Economy?
  • Country:
  • United Kingdom

Artificial intelligence could be fundamentally disruptive but help boost productivity in Britain's economy, posing a challenge to regulators who should be open to new rule-making approaches, a Bank of England policymaker said on Tuesday.

"The challenge is therefore to develop a regulatory framework that fosters the flowering of creativity and innovation but takes into account the potential financial stability risks," BoE Financial Policy Committee member Randall Kroszner said in a speech.

"Regulators, however, should be open to new approaches that might shape these frameworks."

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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