AI creates new jobs in over half of UK firms: study

Artificial intelligence (AI) has created new jobs in more than half of UK firms, according to a study by British bank Lloyds released Tuesday, even as fears about its impact on employment grow.

The study does not, however, specify whether other roles have been eliminated at the same time.

“More than half (54 percent) of UK businesses say AI has created new jobs,” Lloyds said in a statement, based on its monthly business research.

AI has raised concerns about the jobs market, with some fearing its impact on unemployment, particularly for young people.

An OECD report last month found that AI is not causing widespread decline in employment across its member countries, but noted that the technology is changing the skills businesses are looking for and may make it harder for younger people to enter the workforce.

Global youth unemployment rose last year, with young people expressing anxiety about entry level jobs being replaced by technology, according to a United Nations report earlier this month.

AI is increasingly providing flexible, fast and inexpensive competition for many white-collar workers, posing a particular threat to the UK economy, which is dominated by the services industry.

Of the 1,200 businesses surveyed, Lloyds found that 58 percent plan to increase investment in AI in the coming year to “upskill their workforce.”

“AI has the potential to be as transformative for businesses as the internet was a generation ago,” Amanda Murphy, CEO of Lloyds business and commercial banking said in a statement.

Overall, 61 percent of companies said they currently use AI, and a majority said those who fail to adopt AI will be at a competitive disadvantage.