Bank of England Governor Andrew Bailey says the UK should take a “pragmatic and open-minded” approach to artificial intelligence, focusing on finding solutions to the risks it poses rather
than simply sounding the alarm.
In remarks shared ahead of a speech in Edinburgh—where he’s set to promote investment in Scotland—Bailey emphasized that while AI has great potential, it’s important to understand both its capabilities and its limitations.
“We must understand what it can and cannot deliver, and where it can create broader issues that need to be addressed,” Bailey said. “But I would say to the alarmists—it’s everyone’s responsibility to solve these issues, not just to broadcast them.”
He also noted that the UK needs a supportive domestic environment that encourages long-term investment in AI and similar innovations. Bailey voiced support for government initiatives aimed at getting pension funds to invest more in British businesses, saying such steps are crucial for building a stronger, tech-driven economy. Photo by UK Government, Wikimedia commons.