Eric Schmidt Discusses AI's Potential Impact on Workers' Productivity
- Eric Schmidt highlighted the potential of AI to double productivity and increase wages during a panel discussion.
- Prime Minister Sir Keir Starmer described AI as a 'game changer' and stressed the importance of government support for technological advancements.
- Both leaders warned that regulatory hurdles must be addressed to meet future climate goals and maximize the benefits of AI.
In London, during the government's first international investor summit, Eric Schmidt, the former CEO of Google, discussed the transformative potential of artificial intelligence (AI) on society. He emphasized that AI could double productivity and increase wages, likening its impact to that of the industrial revolution. Schmidt urged that AI should not be feared, as it would lead to greater efficiency and higher incomes for workers. Prime Minister Sir Keir Starmer echoed these sentiments, describing AI as a 'game changer' with significant opportunities for productivity growth over the next decade. He stressed the need for the government to embrace AI advancements. Additionally, Schmidt warned that the UK government must address regulatory challenges to meet its 2030 climate goals, suggesting the appointment of a 'minister of anti-regulation' to streamline processes. The summit also saw substantial investments announced, including £6.3 billion from four US tech firms in data centers, highlighting the growing interest in the UK tech sector.