Stark warning on AI threat to UK economy Issued by Bank of England boss

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The UK needs to be prepared for financial market shocks as a result of artificial intelligence (AI) and must ensure the system is “resilient”, the governor of the Bank of England has warned.

Andrew Bailey cautioned that “not everybody always wins” when questioned about the hundreds of billions currently being invested in the AI sector, and warned that the technology could be a “potentially very powerful weapon” in the wrong hands.

Asked what the risks and benefits could be to the UK, Mr Bailey said it had “great potential to strengthen growth in our economies”, as the market values some AI firms as multi-trillion pound businesses.

AI chipmaker Nvidia currently has a market valuation of $5.5tn (£4.14tn) due to enormous investments by those who believe in the future of the technology, while tech giants such as Meta, Microsoft, and Amazon are investing significant funds to develop their own models.