Artificial Intelligence and Automation

(asked on 17th July 2018) - View Source

Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of the benefits and costs of artificial intelligence and automation for the British economy.


Answered by
Lord Bates Portrait
Lord Bates
This question was answered on 31st July 2018

Artificial intelligence and automation present enormous opportunities for our economy. Some studies suggest that artificial intelligence could add 10% to UK GDP by 2030. Other studies highlight the benefits that artificial intelligence and automation could bring to specific sectors.

For example, the independent “Made Smarter” review, published in October 2017, estimated that digital technologies, such as robotics, artificial intelligence, and additive manufacturing, could add £455 billion to the UK manufacturing economy over the next decade.

This would represent an increase in manufacturing sector growth of between 1.5 and 3 percent per annum, creating an estimated net gain of 175,000 jobs throughout the economy.

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