UK faces highest job losses from AI among major economies
Research conducted by investment bank Morgan Stanley found that while AI is boosting productivity, the UK is shedding more jobs than it is creating, in contrast to countries such as the US, Japan, and Germany. The study surveyed companies using AI for at least a year across five sectors: consumer staples and retail, real estate, transport, healthcare equipment, and automobiles.
British firms reported an average 11.5% productivity gain from AI, comparable to US companies, but unlike in the US, the UK saw a net reduction in employment. The report noted that UK workers are disproportionately affected by AI-driven automation, with additional pressures from higher costs and taxes impacting the labor market.
The survey highlighted that early-career positions, requiring two to five years of experience, were the most likely to be cut in the UK, according to the businesses included in the study.
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