Britain faces a higher risk of disruption from artificial intelligence (AI) compared to other major economies, according to new research by Deutsche Bank. The analysis, which examined 30 countries, suggests that AI could impact a substantial segment of the UK's workforce and its export-oriented service industries.
Deutsche Bank analyst Shreyas Gopal, who compiled the report, stated that the UK stands out due to the significant share of its domestic workforce employed in roles potentially affected by AI. Furthermore, the report highlights that a large portion of the UK's exports are in services, a sector vulnerable to disruption by AI technologies, while the nation imports goods and other services.
These findings align with existing concerns about AI's dual potential to boost economic growth while simultaneously posing a threat to employment. Bank of England governor Andrew Bailey has previously cautioned that AI could eliminate jobs at an unexpectedly rapid pace. The Deutsche Bank report specifically notes that the upcoming phase of AI integration may be characterized by its impact on white-collar professions.
Recent research from the Work Foundation indicates that young people seeking employment are already encountering difficulties, with AI bots rejecting applications and potentially damaging their confidence. Fears are mounting that entry-level positions in fields such as accountancy and law, traditionally popular among graduates, are at risk as AI becomes capable of performing many of the routine tasks associated with these roles.
This situation is compounded by recent figures showing a decade-low in job openings for university leavers. Some financial institutions have begun reducing staff, replacing human roles with AI. For instance, Standard Chartered chief Bill Winters controversially referred to some dismissed employees as "lower value human capital." However, not all industry leaders share this outlook; Astrazeneca chief Pascal Soriot, for example, posits that AI will ultimately enhance human job performance rather than replace it entirely.