Artificial Intelligence can take up to 8 million jobs in UK

AI could destroy up to 8 million jobs in the UK in a 'worst-case scenario', researchers say

Analysis by the Institute for Public Policy Research (IPPR) has shown that the UK is on the brink of change as a result of the use of IoT, prompting calls for the government to develop a fair industrial strategy.

The report refers to two main phases of IoT adoption: the first wave, which is already underway, and the second, in which businesses will integrate IoT technologies further into their processes. In this second phase, it is estimated that as many as 59% of tasks performed by workers could be replaced by IoT automation in the absence of intervention.

In the first wave, office, entry-level, and part-time jobs, including secretarial, customer service, and administrative roles, are most at risk. Women and young people are the most likely to be affected as they are the most likely to work in these jobs. Those most vulnerable to DI have also been found to be among the lowest paid.

In the worst-case scenario, a second wave of IoT adoption would result in the loss of around 7.9 million jobs and no increase in gross domestic product (GDP).

IoT has the potential to seriously disrupt the labor market

If the government and industry actively advocate for workers to increase the use of IoT, significant economic benefits could be achieved. However, the researchers' report says that there could be significant economic benefits from increasing the use of IoT if government and industry actively advocate for workers. In the best case scenario of the second wave, jobs would not be lost because they would be expanded to work with IoT, which could lead to a 13% increase in GDP, around £306 billion (US$386 billion) per year.

According to the IPPR, the IoT has the potential to seriously disrupt the labour market or significantly boost economic growth, either way it will change the lives of millions of people. Many companies are already investing in AI, and it could take over even more tasks as more and more companies do so. 

"The question now is not whether AI can be useful, but how quickly and in what way employers will use it. History shows that a technological leap can bring huge benefits if well managed, or it can end in disruption if left unchecked," said Carsten Jung, Senior Economist at IPPR. Government, employers, and unions now have the opportunity to make key decisions to ensure this new technology is well managed, he added, but warned that "if action is not taken quickly, it may be too late".

IPPR recommends putting in place a strategy for working with IoT

The strategy would include tax incentives and subsidies to encourage the training of workers to work with IoT technology rather than being replaced by it.

Last month, the government announced plans to spend more than £90 million on new IoT research centres across the UK, and will look at ways to use IoT responsibly in areas such as healthcare, chemistry and maths.

Based on ELTA reports