A Morgan Stanley study shared with Bloomberg found UK companies reported 8% net job losses over the past 12 months linked to artificial intelligence (AI), the steepest outcome among peers including firms in Germany, the United States, Japan and Australia.
The survey covered companies that have used AI for at least a year across five exposed industries, including consumer staples and retail, real estate, transport, health-care equipment and automobiles. UK firms reported an average 11.5% productivity increase from AI, while US peers with similar gains reported net job creation.
The findings come as the UK jobs market shows signs of cooling. Reuters reported online vacancies fell for a sixth straight month in December, based on data from job portal Adzuna.
Bank of England Governor Andrew Bailey has warned the UK needs to be ready for potential AI-driven job displacement and possible impacts on the talent pipeline.
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