Regulating AI 'not the right place to start' says Bailey
AI needs "rigorous" testing and safeguards to contain risk, Andrew Bailey says.
The Governor of the Bank of England, Andrew Bailey, has stated that regulating artificial intelligence (AI) is not the most appropriate starting point. Instead, he advocated for rigorous testing to identify vulnerabilities and safeguards to mitigate risks. Bailey emphasized that the benefits of AI are substantial, but there must be a system for intervention and to set boundaries for its operation.
He acknowledged that the risks associated with AI are real and growing, yet he advised against halting or prohibiting its development. Instead, the focus should be on establishing a framework for intervention. The debate surrounding the potential dangers of AI's rapid advancement has gained momentum, with leading AI companies like Anthropic and OpenAI advocating for a slower pace of development and an international coordinated approach to assess risks and implement safety measures.
However, President Donald Trump expressed his desire to maintain the US's lead in AI technology due to the potential advantages, while OpenAI recently decided not to release its latest AI model due to safety concerns. In response to a summit with major AI firms, Trump announced that executives had signed a document pledging to protect against AI's potential risks.
The UK is actively involved in testing AI, with the creation of the AI Security Institute to help establish standards. Bailey acknowledged that progress needs to accelerate but urged a humble approach, as testing may result in failures and unexpected model behaviors. He reiterated that testing should not replace future regulation, which might emerge over time.
Written by urgent.news from BBC Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
