BOE’s Bailey Says UK Must Step Up Investment to Ride AI Boom

Bank of England Governor Andrew Bailey said Britain must boost investment if it wants to reap the rewards from any economic boom triggered by artificial intelligence.

Bailey said that the UK economy was in a period of waiting for the next “general purpose technology” to arrive and drive up its tepid growth rates. He said an open-minded and pragmatic stance on the potential and perils of AI was needed to take advantage of the emerging technology.