Governor of Bank of England Supports The Integration Of AI In Banking

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According to Governor Andrew Bailey, the House of Lords does not see AI technology as a danger to business but rather as a positive. Bailey shared that AI won’t take people’s jobs away, humans will need to learn how to work with these new technologies for it can do a lot of great things.

Sci-fi Scenarios Could Prevent Firms From Tapping Into The AI Goldrush

The Bank of England is certain that those companies that have already incorporated AI into their systems, will start seeing some positive results very soon. He further added that jobs and economies have adapted to the new system, so humans must also adapt to it.

Baroness Stowell, the Chair of the House of Lords committee also gave her own opinion on the use of the new technology. She said that the factors that would stop businesses from benefitting from this technology are sci-fi scenarios and existential risks.

Reports from Lords Communications and Digital Committee, reveal that if the UK would adhere to all these apocalyptic warnings, then they could miss the opportunity to tap into the AI gold rush.  These tools should be appreciated because of their ability to reply to questions just like humans.

The UK Government Aims To Foster Ai And Economic Growth

The spokesperson from the Department of Science, Innovation and Technology, added that the team did not accept this. He stated that the United Kingdom is a clear leader in AI development and research.

As a government, it’s already supporting AI’s boundless capabilities to enhance lives, investing millions of pounds into various initiatives that transform businesses, education, and healthcare. This unique development includes the establishment of the newly announced AI Opportunity Forum.

The team continued emphasizing that the future of AI is safe. By addressing AI’s current and future risks, the team aims to harness its immersive opportunities and draw in more of the investments and jobs emerging from this fresh wave of advanced technology.

The spokesperson highlighted that the team has spent more on safety research than any other government, through the AI Safety Institute. The firm is currently promoting a pro-innovation tactic in regulating AI. This innovative move aims to improve business operations globally, creating seamless communication between business and their customers.


Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of leading cryptocurrency publications including, CryptoSlate,,, Business2Community, BeinCrypto, and more.