AI's importance to UK economy – and national security – is already huge and only going to grow
Despite genuine concerns about environmental problems and an existential threat to humanity, we must press ahead with artificial intelligence
In June, the UK economy grew unexpectedly by 0.3 per cent. Forecasters expressed surprise in our seeming ability to ride out the economic effects of the Iran War, and remained sceptical it would last. Thomas Pugh, chief economist at accountancy firm RSM UK, was among those who cautioned: “Looking ahead... growth is likely to slow.”
However, another month, another surprise, with the Office for National Statistics reporting GDP rose by a more than respectable 0.4 per cent in July. Unfortunately, the experts remain worried that high energy and fuel prices are putting pressure on household budgets, which could hit consumer spending.
Even Chancellor John Healey sounded a cautionary note, as if he was unconvinced the UK’s ‘lucky streak’ would continue: “Britain’s economy is demonstrating a welcome resilience, despite serious global uncertainty.” The Iran War, he added, “does have impacts here at home – from the cost of the weekly family shop to the cost of government borrowing”.
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‘AI spending boom’
So why are we bucking expectations? What’s the reason for optimism? It seems a significant factor is artificial intelligence. Susannah Streeter, chief investment strategist at Wealth Club, said the figures were “a sign that the AI spending boom is starting to feed through into the wider economy, as businesses invest in the computing power, software and expertise needed to put the technology to work”.
Amid all the doomsday predictions about AI destroying humanity – which, it is increasingly clear, must be taken seriously – and rising protests against the ‘hyperscale’ data centres required to power it, we must not lose sight of the extraordinary benefits it offers.
There have been claims AI could cure cancer in our lifetimes, solve many scientific mysteries, and increase the sum of ‘human’ knowledge exponentially. Signs that the economic effects are already being felt are evidence that this is no longer merely about potential, but real-world benefits in the here and now.
Furthermore, this technology is already out there and there is simply no chance of putting it back in its box. Hostile states and dictatorships will be seeking to use it to serve their ends. That means AI technology – and the data centres necessary to drive it – are vital, not just to our economy, but to national security.
There are environmental concerns about data centres and we should make every effort to minimise any harmful effects. But it’s clear we need them and, for all the potential dangers, we need AI.
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