AI drives more net job losses in UK than other big economies: Study

LONDON

Artificial intelligence resulted in 8% net job losses in the UK over the past 12 months, the highest rate among other leading economies, according to a new study shared with Bloomberg.

Research by the investment bank Morgan Stanley said the UK is losing more jobs than it is creating due to AI effect, and is being affected more negatively than other big economies including the US, Japan, and Germany.

It surveyed companies using AI for at least a year across five industries: consumer staples and retail, real estate, transport, healthcare equipment and cars.

The result showed that British companies reported an average 11.5% increase in productivity aided by AI, although US businesses reported similar gains, but created more jobs than they cut.

The study said British workers are being disproportionately affected by the rise of AI, with higher costs and taxes also weighing on the job market.

The businesses surveyed by Morgan Stanley reported that they were most likely to cut early-career jobs, requiring two to five years of experience in the UK.

LONDON

Artificial intelligence resulted in 8% net job losses in the UK over the past 12 months, the highest rate among other leading economies, according to a new study shared with Bloomberg.

It surveyed companies using AI for at least a year across five industries: consumer staples and retail, real estate, transport, healthcare equipment and cars.

The result showed that British companies reported an average 11.5% increase in productivity aided by AI, although US businesses reported similar gains, but created more jobs than they cut.

The study said British workers are being disproportionately affected by the rise of AI, with higher costs and taxes also weighing on the job market.

The businesses surveyed by Morgan Stanley reported that they were most likely to cut early-career jobs, requiring two to five years of experience in the UK.