Closing the AI skills gap is an £80 billion opportunity

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(Photo by Adrian Dennis - WPA Pool/Getty Images) Smart use of AI could add £80bn in productivity gains to the British economy by 2035, but too few businesses have the workforce to deploy it ...

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At 3.5 per cent of global GDP, AI investment is running at levels 50 per cent above the peak of the railway-building era, 4 times higher than during the canal-building boom, and 3.5 times greater than the peak of telecommunications investment.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"ARTY":"ISHARES FUTURE AI & TECH ETF","AGIX":"通用人工智能 ETF-AGIX","AIPO":"Defiance AI and Power Infrastructure ETF","VTHR":"Vanguard Russell 3000 ETF","QTOC":"Innovator Growth Accelerated Plus ETF - October","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF"},"translate_title":"缩小人工智能技能差距是一个 800 亿英镑的机会","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"VTHR":1.5,"QTOC":1.5,"ARTY":1.5,"AIPO":1.5,"CHAT":1.5,"AGIX":1.5},"content_text":"(Photo by Adrian Dennis - WPA Pool/Getty Images) Smart use of AI could add £80bn in productivity gains to the British economy by 2035, but too few businesses have the workforce to deploy it effectively, says Steve RigbyThe daily AI discourse moves between a few regular topics: eye-watering investment in frontier models, soaring compute costs, crippling cyberattacks and the unknowable impact of superintelligence. These are the big subjects global figures are addressing – in the past week alone, King Charles, President Donald Trump, and President Xi Jinping have weighed in on AI and the future. It is the dominant theme of party conference season and is leading news bulletins worldwide. \n\nAmid the catastrophising, we hear far less about the opportunities AI presents for British businesses. In fact, a new report by the think tank Learning & Work Institute and the Rigby Foundation (of which I am the Chair) estimates that smart use of AI could add £80bn in productivity gains to the British economy by 2035. Needless to say, we should be paying more attention to this transformative opportunity.  However, one major obstacle stands in our way: skills. We must close the growing AI skills gap before the opportunity slips away.\n\n\n\n\n\n\nFree Thinking - City AM Opinion Newsletter\nGet weekly sparky insight and expert commentary on markets, entrepreneurship and innovation from City AM’s Opinion Editor, delivered every Saturday.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTime is of the essenceWe are witnessing the largest expansion of infrastructure in human history. At 3.5 per cent of global GDP, AI investment is running at levels 50 per cent above the peak of the railway-building era, 4 times higher than during the canal-building boom, and 3.5 times greater than the peak of telecommunications investment.\n\nYet British companies risk falling behind as the opportunities enabled by this vast investment grow. While there is a widespread willingness to engage with AI – 85 per cent of businesses are currently using the technology in some capacity – there exists a clear lack of effective deployment. Only 18 per cent of UK employers use AI extensively, and adoption varies drastically by business scale: large firms (25 per cent) are more than twice as likely to deploy AI extensively as small businesses (13 per cent).Ultimately, this comes down to skills, and here, the need for action is urgent. The UK workforce does not yet have the ability to adopt and scale AI technologies successfully. I see this reality every day in my work with businesses across the country. I also see a solution: rapid technological upskilling. That is how we unlock billions of unrealised capital to fuel the British economy over the next decade – and, as a happy side effect, begin to address the NEET (Not in Education, Employment, or Training) crisis facing 16-24-year-olds.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}