AI won't take our jobs, says Bank of England

AI won't take our jobs, says Bank of England.

Here's a glimmer of uplifting news from the Bank of England!

Governor Andrew Bailey has just firmly told us that he doesn't think AI will be that massive job destroyer we fear.

In fact, he's quite excited about the potential that AI could bring.

In a recent conversation with the BBC, Bailey mentioned that yes, the massive investment in AI last year posed some risks, but the bank believes it will drive productivity.

Cost reductions have paid off
The bank's business partners share how automation and AI investments are helping companies save on labor costs in a tight job market environment.

Even the British House of Lords shares this view!

They encourage us to focus on the positive impacts of AI rather than getting caught up in the panic over sci-fi disaster scripts.

If we don't take advantage of this opportunity, we could miss the "AI gold rush," according to a House of Lords committee report.

Be wary of excessive ... caution!
The committee wants the UK government to be slightly more relaxed in its regulation of AI.

They worry that the government may be too conservative and miss out on the opportunities for AI.

The House of Lords Committee also raised concerns about copyright issues, particularly for large language models like ChatGPT.

They are questioning whether developers are following the rules when using existing digitized material to train these models.

Getty Images even filed a lawsuit against Stability AI, claiming they used their images without permission.

The House of Lords called on the Government to clarify these issues and to take a clear position on these copyright issues.

They do not want the creators' original works to be "misused" without permission.

Minister for Science, Technology and Innovation Michelle Donelan will soon make public the government's response to this in front of a House of Lords committee...

Our View:
The UK aspires to be the Silicon Valley of AI. Just don't tell the California techies about the weather here.

With AI, should the UK be more cautious or bolder in trying new things?

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AI won't take our jobs, says Bank of England-2

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AI Education Is this laziness or intelligence?

AI won't take our jobs, says Bank of England-3

A recent survey by the Higher Education Policy Institute reveals that more than half of UK undergraduates (53% to be precise) are completing their dissertations with the power of artificial intelligence!

Details are as follows
251 of those TP3Ts are using tools like Google Bard or ChatGPT to brainstorm ideas, and 12.51 TP3Ts are even utilizing AI throughout to generate their paper content.

However, it is reassuring that only 5%'s admitted that they had directly copied and pasted unedited AI-generated text into their work.

It's not just students.
Teachers are also getting involved. The Education Enhancement Foundation is working with secondary schools to explore how AI can be used to streamline the development of lesson plans, instructional materials, exams, and practice answers.

Dr. Andrés Guadamuz of the University of Sussex is very concerned about this and urges an in-depth discussion on how students can use generative AI.

He has a point: some students may not realize that AI sometimes "makes up" data or quotes.

In fact, this survey reveals that one-third of students using AI are not even sure how often AI produces incorrect information.

Now, while some of the papers may seem sleepy due to the magic of unedited ChatGPT, the findings also suggest that more students are exploring the possibilities of AI in depth.

It's as if they all realize that the world is changing and we all need to keep up with that!

Dr. Guadamuz emphasized the need for clear guidelines and strategies for using AI in education, which can be a challenge for academics who are already in the thick of things.

The Education Enhancement Foundation has big dreams! They believe that AI can be a super assistant to teachers, easing their workload and improving the quality of teaching.

Government orders!
UK Education Secretary Gillian Keegan has even said that AI can be a "great support" for our hard-working teachers.

Imagine: 58 schools in England could use a toolkit to produce excellent assessment materials and tailor the curriculum to specific groups of students.

Lesson plans generated by AI will even be endorsed by a panel of independent experts. This is certainly a big test for AI!

As Prof. Becky Francis, CEO of the Education Enhancement Foundation, put it, "Expectations for how this technology will change the role of teachers are as high as ever."

EEF is launching a trial to fully understand how AI can cause change in education.

Our View:
Who needs a degree when you have ChatGPT? That should be printed on a t-shirt.

choice (product)

Google has newly removed page cache links from its search results, citing that the move improves the reliability of page loads and that the feature, which allows users to view web pages from Google's perspective, is outdated.

Adobe's Firefly AI, made famous by features like Photoshop's Generate Fill, is now a native app on Apple's Vision Pro, designed to work with the device's visionOS.

Nothing officially announced in its latest community update that its upcoming device is named Nothing Phone 2A, hinting that the company will be devoting more attention to fulfilling core user needs such as device performance and camera features.

Microsoft is internally testing a new custom emoji feature for Teams, where the Pepe the Frog emoji and other custom emojis have appeared in earlier versions.

At Davos 2024, tech leaders focused on the future of the digital world, emphasizing the important role of artificial intelligence (AI) and the metaverse in a variety of applications.

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AI won't take our jobs, says Bank of England