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BUILDINGTHEFOUNDATIONS
FORTRUSTEDARTIFICIALINTELLIGENCEResponsetotheUKgovernmentwhitepaper,
Apro-innovationapproachtoAIregulationAbout
ACCAACCA
(the
Association
of
Chartered
Certified
Accountants)
is
the
globalprofessionalbodyforprofessionalaccountants.We’re
a
thriving
global
community
of
241,000
members
and
542,000
futuremembers
based
in
178
countries
and
regions,
who
work
across
a
wide
range
ofsectorsandindustries.We
upholdthehighestprofessionalandethicalvalues.We
offer
everyone
everywhere
the
opportunity
to
experience
a
rewardingcareerinaccountancy,financeandmanagement.Ourqualificationsandlearningopportunities
develop
strategic
business
leaders,
forward-thinking
professionalswith
the
financial,
business
and
digital
expertise
essential
for
the
creation
ofsustainableorganisationsandflourishingsocieties.Since
1904,
being
a
force
for
public
good
has
been
embedded
in
our
purpose.InDecember2020,wemadecommitmentstotheUNSustainableDevelopmentGoals
which
we
aremeasuring
and
will
report
on
in
our
annual
integrated
report.We
believethataccountancyisacornerstoneprofessionofsocietyandisvitalinhelping
economies,
organisations
and
individuals
to
grow
and
prosper.
It
doesthis
by
creating
robust
trusted
financial
and
business
management,
combatingcorruption,
ensuring
organisations
are
managed
ethically,
driving
sustainability,andprovidingrewardingcareeropportunities.Throughourcutting-edgeresearch,weleadtheprofessionbyansweringtoday’squestionsandpreparingforthefuture.We’re
anot-for-profitorganisation.Find
out
more
at
AboutEYEY
exists
to
build
a
better
working
world,
helping
to
create
long-termvalue
for
clients,
people
and
society
and
build
trust
in
the
capital
markets.Enabled
by
data
and
technology,
diverse
EY
teams
in
over
150
countries
providetrustthroughassuranceandhelpclientsgrow,
transformandoperate.Working
across
assurance,
consulting,
law,
strategy,
tax
and
transactions,
EYteams
ask
better
questions
to
find
new
answers
for
the
complex
issues
facingourworldtoday.EY
refers
to
the
global
organization,
and
may
refer
to
one
or
more,
of
the
memberfirms
of
Ernst
&
Young
Global
Limited,
each
of
which
is
a
separate
legal
entity.Ernst
&
Young
Global
Limited,
a
UK
company
limited
by
guarantee,
does
notprovide
services
to
clients.
Information
about
how
EY
collects
and
uses
personaldata
and
a
description
of
the
rights
individuals
have
under
data
protectionlegislation
are
available
via
/privacy.
EY
member
firms
do
not
practice
lawwhereprohibitedbylocallaws.For
more
information
about
our
organization,please
visit
This
news
release
has
been
issued
by
EYGM
Limited,
a
member
of
the
global
EYorganizationthatalsodoesnotprovideanyservicestoclients.?2023AssociationofCharteredCertifiedAccountantsandEYGlobalServicesLimited.July2023TheviewsreflectedinthisarticlearetheviewsoftheauthoranddonotnecessarilyreflecttheviewsoftheglobalEYorganizationoritsmemberfirms.Thispublicationcontainsinformationinsummaryformandisthereforeintendedforgeneralguidanceonly.Itisnotintendedtobeasubstitutefordetailedresearchortheexerciseofprofessionaljudgment.MemberfirmsoftheglobalEYorganizationcannotacceptresponsibilityforlosstoanypersonrelyingonthisarticle.BUILDINGTHEFOUNDATIONS
FORTRUSTEDARTIFICIALINTELLIGENCERESPONSETOTHE
UK
GOVERNMENT
WHITEPAPER,A
PRO-INNOVATION
APPROACH
TO
AI
REGULATIONInMarch2023,theUKgovernment’sDepartmentforScience,Technology
&InnovationpublishedawhitepaperentitledAPro-innovationApproachtoAIRegulation.Thewhitepapersetsoutthegovernment’sstrategyforsupportinginnovation,whileprovidingaframeworktoensurethattherisksassociatedwithAIareidentified,addressedandmitigated.Thispaper,
fromACCAandEY,
isaresponsetothatwhitepaper.
Ouraimistoprovidepolicymakerswithaconstructivecritiqueofthewhitepaper,
informedbyourpositionswithintheaccountancyandbusinessecosystem,andtheaccesstofeedbackandinputswehaveacrossourstakeholderbases.For
furtherinformation:NarayananVaidyanathan,HeadofPolicyDevelopment,ACCADr.
AnsgarKoene,GlobalAIEthicsandRegulatoryLeader,
EYForewordsNot
a
day
goes
by
without
AI
being
in
the
news,
and
it
features
strongly
in
the
publicconsciousnessduetoitspotentialtointroduce
bothnew
opportunitiesandpreviouslyunseen
risks.The
release
of
the
UK
government’s
AI
whitepaper
has
provideda
timelyopportunity
to
take
stock.As
this
paper
notes,
we’re
supportive
of
the
overall
pro-innovation
approach,
and
the
importanceof
multi-stakeholder
feedback,
such
as
capturing
the
voice
of
SMEs
and
the
UK
regionsoutside
London.
We
also
support
the
desire
to
build
bridges
internationally,
which
alignsstrongly
with
ACCA’s
own
global
approach.
We
strongly
endorse
the
explicit
reference
to
the
roleofauditandassuranceandrelatedtoolsasakeypartofthesolutiontoensureanAIecosystemthatisunderpinnedbyethicalpractices.A
flexible
approach
to
manage
the
fast
pace
of
new
development
can
help
–
the
current
waveof
generative
AI,
for
example,
has
exploded
quite
recently.
However,
further,
more
prescriptiveguidancemaybeneededtoestablishclarityonwhereaccountabilitieslieinsomeinstances.HelenBrandOBEChiefexecutive,ACCAOverall,
we
see
this
as
the
start
of
a
multi-year
process
and
look
forward
to
collaborating
withandsupportingUKgovernmentinthisimportantendeavourinanywaywecan.Thegovernment’sAIwhitepaperlaysoutaproportionateand‘pro-innovation’approachto
AI
regulation.
A
British
strength
in
regulatory
frameworks
has
been
a
bias
towardsthe
use
of
industry
or
community
‘standards
markets’,where
industry
standards
andassurance
processes
provide
‘a(chǎn)ccredited
conformity
assessment’.
Standards
marketsbased
on
proportionate
and
pro-innovation
business
ecosystems
ranging
from
safegas
boiler
supplies
to
fire
prevention,
aircraft
certification,or
shipping
safety.Standards
markets
should
provide
accreditation
and
certification
such
that
people
can
placeappropriate
reliability
on
the
assessed
products
and
services.
This
paper
notes
the
opportunityto
use
such
standards,
particularly
existing
ISO
standards,
for
inspection
and
testing
to
provideappropriate
assurance
on
AI
products
and
services.
This
combination
of
minimal
regulationwith
maximal
use
of
standards
markets
can
provide
a
middle
path
between
two
extremes:a
completely
unregulated
approach
leaving
a
tangle
of
confusion
to
the
legal
system
and
anoverlyregulatedapproachwherenothingcanmoveuntilpermissionisgranted.ProfessorMichaelMainelliFCCA,Chairman,Z/Yen
Group,SeniorIndependentDirector,UnitedKingdom,AccreditationThose
of
us
with
decades
of
experience
in
the
fields
of
AI
have
long
recognised
the
needService,SeniorAldermanBelow
for
standards.
These
ISO
standards
have
not
just
‘popped
out
of
the
woodwork’
due
totheAldermanicChair,
Cityof
recent
media
attention;
rather
they
have
been
the
result
of
years
of
concerted
work
to
reachLondonCorporation,andHead
internationalagreements.ThispapercontendsthatitisnowappropriatetopushfirmlytowardsoftheEthicalAIInitiativetheiruseinaccreditedUKconformityassessment.DrivenbyacceleratingdevelopmentandadoptionofAI-enabledsolutions,policymakersacross
the
globe
are
confronting
the
challenges
of
formulating
a
regulatory
approachto
this
rapidly
advancing
technology
that
will
mitigate
the
potential
harms
of
AI
whilesimultaneously
enabling
its
social
and
economic
benefits.The
AI
governance
landscape
is
evolving
rapidly
and
is
likely
to
continue
to
be
in
flux
forseveralyearstocome.Withinthiscontext,theUKgovernment’s
AIwhitepaperhasproposeda‘pro-innovation’
approach
that
focuses
on
the
role
of
existing
regulatory
bodies
in
developinganAIregulatoryframeworkunderpinnedbyprinciplesofresponsibledevelopmentanduse.Regulatory
approaches
to
AI
–
if
they
are
to
be
effective
–
must
operate
in
a
global
marketand
be
comparable
across
jurisdictions
in
order
to
ensure
rules
that
mitigate
risk
and
allow
forresponsible
innovation
and
use.
The
UK’s
alignment
of
its
AI
regulatory
principles
with
thoseof
the
OECD
and
G20
is
an
encouraging
sign
that
it
is
committed
to
be
a
leader
in
efforts
todevelop
sensible
rules
for
AI’s
progress.Wesupport
this
role
and
urge
other
nations
to
continuetoworktogethertodeveloprulesthatareeffectiveonaglobalaswellaslocalbasis.ShawnMaherEYGlobalViceChair–Publicpolicy4Contents1.
Executivesummary6892.
Recommendationsforpolicymakers3.
Introduction4.
ResponsetoUKgovernmentwhitepaperAIregulatorydevelopmentsintheUK13131314151617WhatdoestheUKgovernmentwhitepaperpropose?GeneralreactionstothewhitepaperSpecificreactionstothewhitepaperTools
fortrustworthyAIandethicaluseExistingcodesandstandardsrelevanttoprofessionalaccountants5.
Conclusion2021222324AcknowledgementsPastpapersfromACCAPastpapersfromEYReferences5BUILDINGTHEFOUNDATIONSFORTRUSTEDARTIFICIALINTELLIGENCE
|
EXECUTIVESUMMARYExecutivesummary1.
The
UK
government
whitepaper,
A
Pro-innovationApproach
toAIRegulation,hasbeen
longawaitedandits
publicationiswelcome.It
adoptsa
flexible,common-sense
approach
tothe
regulation
ofartificial
intelligence(AI)
andalignswith
other
principlessuchasthe
values-basedAI
principles
propounded
bythe
Organisation
forEconomic
Co-operationandDevelopment(OECD).paper.
Accordingly,thepaperexploresafewoftheseexistingcodesandstandardsinthecontextofAI-relevantconsiderations.7.
Thereare,however,
otheraspectsworthnotingtoensurethattheambitionsofthewhitepaperarerealisedasintended.Somekeyconsiderationsfromourperspectiveareasfollows:2.
GiventhepaceofchangeandnewscenariosthrownupbyAI,thewhitepaper’s
approachappearswellsuitedto‘unknown-unknown’AIrisks.TheapproachoflearningthroughwatchingandwaitingrecognisesthatAIischangingfastandthatsomerisksmaybebetterassessedanddefinedasthetechnologyevolves.AtACCAandEY,
wearesupportiveofregulatingoutcomesratherthanthetechnologyitself.Thisalignswiththeprinciples-basedapproachtoa.
Thegovernmentwillnotputitscross-cuttingprinciplesonastatutoryfootinginitiallybuthasleftthedooropenforplacingastatutorydutyonregulatorslater.
SotherecouldbeaconsiderabledelayindecidingbetweenAI-specificmandatoryrequirementslinkedtoimplementingthewhitepaperprinciples,ononehand,andrelyingonself-regulationorsuggestedguidanceontheother.Organisationsvalueregulatorycertainty.Along,uncertainwaitingperiodrisksdelaystoupskillingandpreparationforfuturecompliance,particularlyamongsmall-andmedium-sizedentities(SMEs),whichwillbelesslikelytocommitcostoreffortwithoutcertainty.regulationfortheaccountancyprofessionintheUK.13.
We
agreewiththewhitepaper’s
desiretobuildontheUK’s
thrivingAIecosystemandwelcometheUKgovernment’scommitment
to
international
cooperation–somethingwe’dbekeentosupportwherepossible.b.
Issuesofaccountability,ethicsandtrustrequirecarefulconsideration,particularlyintheabsenceofadesignatedentityresponsibleforAIoversight.Thecurrentapproachmaywellbeworkable,butstakeholderswouldbenefitfromadditionalsupporttohelpthemnavigatethedifferentbodiesrelevanttotheirAIcomplianceobligations.SomeareaspertinenttoAI(suchasdataprotection)haveextensivepre-existingregulationandguidance,whileothers(suchasexplicabilityofAIsystems)arelessmature.Also,considerationisneededforfoundationalmodelssuchaslargelanguage4.
We
arehighlysupportiveoftherolethatthewhitepaperdescribesforeffectiveoversighttools,andthatofauditandassurance,forsupportingthelong-termsustainabledevelopmentoftheAIecosystem.Webelievethattheaccountancyprofessionhasakeyroletoplayindrivingtrustin,andtheethicaldeploymentof,AI.5.
We
welcomethewhitepaper’s
specificemphasisonconsideringtheroleofAIacrossallregionsandnationsoftheUK.Nearlytwo-thirdsoftheUK’s
AIindustryecosystemisbasedinLondon(BusinessWire2021).WhilethisconcentrationishelpingtomakeLondontheAIcapitalofEuropeandmustbesupported,ACCAandEYoperateacrosstheregionsandnationsoftheUK,andweseethepotentialforAItodriveeconomicopportunityinsupportoflevelling-upacrosstheUK.models(LLMs)
thatdonotneatlyfallintotheremit2ofanyoneexistingregulator.c.
Theconceptofcentralsupportfunctionscouldbeeffectiveandinnovative,butthewhitepaperwouldbenefitfromfurtherdetailonhowthesewillbeimplementedinpractice:howtheywillberesourced,themechanismthroughwhichtheywillgatherinputsfrommarketparticipants,andhowtheywillbecoordinatedacrosssectorregulators.6.
Effectivelyengagingwithexistingcodesandstandardsspecifictoindividualsectorsanddomains–includingtheirevolutionandfuturedirection–isfundamentaltotheapproachproposedbythewhite12Calltoaction#10inACCA’s
reportonRiskCulture</gb/en/professional-insights/risk/risk-culture.html>,notesthat“Furthercooperationbetweenourprofessionsandregulatorswillbebeneficialforall”,whichisbasedonthe‘Frameworkformeaningfulengagement’</publications/framework-meaningful-engagement-human-rights-impact-assessments-ai>.Amachinelearningmodelthatusesnaturallanguageprocessing(NLP).6BUILDINGTHEFOUNDATIONSFORTRUSTEDARTIFICIALINTELLIGENCE
|
EXECUTIVESUMMARYd.
Itwouldbegoodtounderstandifthereisanythinkingwithingovernmentontheneedformoreprescriptiverequirementsthatbuildonthewhitepaperprinciples.Someregimesare,ofcourse,takingamoreprescriptiveapproach.Thisdoesn’tnecessarilymakethatthepreferredchoice,buttherisktoconsideristhatUKorganisationsoperatingacrossboundarieswilldefaulttothemostprescriptiveregimeacrosstheirregionsofactivity–foroperationaleaseandtoreduceriskofnon-compliance.TheconsiderationhereisthatthismightinadvertentlymakeUKorganisationsrule-takersofotherregimes.Thereisabalancetoconsiderinrelationtomaintainingapro-innovationapproach–forexample,thismaymeanmoreprescriptiverequirementsfortheriskiestusecasesratherthanacrosstheboard.maytendincreasinglyandirreversiblytopullawayfromthepack.Considerationisneededtoavoidcreatingmonopoliesandstiflingtheveryinnovationthatissought.Itisalsoimportanttobesensitivetoblindspotsininnovation,becausetrulydisruptive–asopposedtoincremental–changeoftencomesfromSMEsandAIinnovationisripeforexactlythistypeoftransformativechange.g.
Leadersacrossbusiness,fromboardleveldownwards,areattheearlystagesofclarifyingwhereaccountability,contestabilityandredresswouldresideinrelationtoAIsystems.Itwouldbehelpful,possiblyviathecentralsupportfunctions,toprovideaforumforsharingexamplesofhowthiscanbedone.Suchaforumcouldhelpdefinetheroleandlegalliabilityofnotjustofboardmembers,andC-suite,butalsolendersandinvestors.e.
As
thewhitepapertakesacontext-specificapproachtoregulation,existingsectorregulatorswillneedtoprovidetheirownguidanceontheuseofAI.Whileitisgoodtolearnfromthosewithgreaterexpertise,itwouldbehelpfultohaveanexplanationofhowtheproposedapproachwouldsupportless-maturesectorsastheyupskillonAI.h.
Itwouldbehelpfulforfurtherpolicyworktosetoutthegovernment’sviewoftheenvironmentalimpactofAI,forexample,itsmeasurement,monitoring,ormitigationofharm.ThisisparticularlyneededasfoundationalAIandgenerativemodelsdriveever-highercomplexity,dataandenergyconsumption.Therearealsosocialconsiderations,particularlyinrelationtotheoften-mentionedareaofjobsdisplacement,whichareimportantfortheresponsibledeploymentofAI.f.
Thereisahugedifferencebetweenthecapabilities,resourcesandrequirementsofthelargetechnologycompaniesandthoseofSMEs.Thewhitepaper’s
approachofcarryingonwithinexistingregulatoryambits,needscaretoavoid–despitebestintentions–entrenchingpowerimbalances.Thoseholdingcustomerchannels,accesstotrainingdataandresearchbudgets8.
Overall,wewelcomethiswhitepaperaspartofadialoguethroughwhichtheUKAIregulatoryregimecanbecontinuallyrefinedandpositionedasprogressive,innovativeandresponsible.AT
ACCAANDE
Y,
WEARESUPPORTIVEOFREGULATING
OUTCOMESRATHER
THANTHETECHNOLOGYITSELF.
THISALIGNSWITHTHEPRINCIPLES-BASEDAPPROACHTOREGULATIONFORTHEACCOUNTANCY
PROFESSIONINTHEUK.7BUILDINGTHEFOUNDATIONSFORTRUSTEDARTIFICIALINTELLIGENCE
|
RECOMMENDATIONSFORPOLICYMAKERSRecommendations
forpolicymakers9.
Actfastonthedetail.
AIisrapidlydeveloping;itisthesubjectofintensemediainterestandisprominentinthepublicconsciousness.ConversationsonAIregulationareconstantlyevolving,withregimesaroundtheworldworkingfasttostaketheirplaceinthedebate.Whetheroneisregulatingtoomuchortoolittle–prioritisingconsumerprotectionandunrestrictedinnovation–isanimportantissuebutdelayingisjustasdamagingasgettingthiswrong.Businessdislikesregulatoryuncertaintyanditiscriticalthatthedetailsarefleshedoutassoonaspossibletooperationalisethewhitepaper’s
approach.11.
Seekmulti-stakeholderfeedbackandinvolvement.AIusescitizens’data,directlyorindirectly,anditsoutputsaffectthesecitizens’lives.Itisimperativethatitsdevelopmentaltrajectoryisnotinformedbyanarrowinnercoterieofinfluencers.ThoseacrosstheregionsoftheUK,acrossthefullsocio-economicspectrum,acrosssectors/industriesandinSMEsaswellaslargerorganisations,needtobeinvolved.12.
ChampionanecosystemfortrustworthyAI.
Itisnecessarytocreate/reinforcepathwaysforsharingknowledge,toolsandexperience.Theaccountancyprofessionhasskillsforassessingrisksandcontrols,frequentlyfacessituationsrequiringethicaljudgementandseekstoupholdthepublicinterest.An10.
Aligninternationally,coordinatedomestically.ACCA’s
andEY’s
stakeholdersoperateinternationallyand,whiletheyacknowledgegeo-politicalfactors,theywouldwelcomeasmuchharmonisationaspossibleacrossregimestosupportinteroperability.Thisreducescosts,complexityandrisk.Atthesametime,itisvitaltoavoidthefatalflawofallowingmajorissuestofallintothegapsbetweentheaccountabilitiesofdifferentsectorregulators,ortheirduplicationofthesamepreparatorywork.environmentthatleveragesandproactivelyinvolvesthematureUKaccountancysector(egeducationandawarenessaspectsofthecentralsupportfunctions,partneringtosharekeymessagesinternationally)wouldbolsteritsglobalreputationasatrustedhomeforresponsibleAI.8BUILDINGTHEFOUNDATIONSFORTRUSTEDARTIFICIALINTELLIGENCE
|
INTRODUCTIONIntroduction13.
Overthecomingyears,AIwillcompletelytransformawiderangeofsectors,includingagriculture,17.
AwareofboththeopportunitiesandchallengesthatAIpresents,numerousjurisdictionsaroundtheworldareexploringthepossibilityofregulatingAI.OneofthesejurisdictionsistheUK,whichispositioningitselftobecomeagloballeaderintheregulationandgovernanceofAItechnologies.communication,education,healthcare,manufacturingandtransportation.Asaresult,itissettoboosttheglobaleconomy,witheconomistspredictingthatAIcouldeventuallyboostannualgrossdomesticproduct(GDP)by7%(BriggsandKodnani2023).18.
TheUK’s
ambitionsintheregulatoryspacearewell-founded,giventhatitisalreadytheAIcapitalofEuropeandarecognisedleaderinthedevelopmentandapplicationofAItechnologies.ThecountryranksthirdontheGlobalAIIndexproducedbyTortoiseMedia,behindtheUSandChina,measuredonitslevelofinvestment,innovation,andimplementationofAI(Tortoise
Media2021).Itisalsohometoaroundone-thirdofEurope’s
AIstart-ups(Kelnar2019).14.
AItechnologiescouldalsobringenormoussocialandenvironmentalbenefits,suchashelpingustocombatchildabuseandcybercrimeandprovidingcriticalinsightsthatcanbeusedtomitigateclimatechange.Yet
whileAIcanpotentiallybeatremendousforceforgood,italsopresentssomesignificantthreatstosociety.15.
Ifusedinappropriately,AIcouldexacerbateexistinginequalities,damagepublictrustthroughthespreadofmisinformation,andbeharmfultothephysicalandmentalhealthofindividuals.AItechnologiesthreatenjobsandlivelihoodsandareatriskofbeingexploitedbycyberattackers.AndwhileAIcanbeapowerfultoolinthefightagainstclimatechange,itsuseisitselfaconsiderablesourceofcarbonemissions.19.
InMarch2023,theUKgovernment’sDepartmentforScience,InnovationandTechnology(DSIT)publishedawhitepaperentitledAPro-innovationApproachtoAIRegulation.Thewhitepapersetsoutthegovernment’sstrategyforsupportinginnovation,whileprovidingaframeworktoensurethattherisksassociatedwithAIareidentified,addressedandmitigated.16.
Despiteitsfar-reachingimplicationsforsociety,AIispoorlyunderstoodbymostanditsuseremainslargelyunregulated.SuchisthelevelofconcernaboutthepotentiallydetrimentalimpactofAIonsocietythatover1,000technologyleadersandresearchershavecalledforapauseonAIdevelopment,citing‘profoundriskstosocietyandhumanity’(OpenDataScience2023).20.
Thispaper,
fromACCAandEY,
isaresponsetothatwhitepaper.
Ouraimistoprovidepolicymakerswithaconstructivecritiqueofthewhitepaper,
informedbyourpositionswithintheaccountancyandbusinessecosystem,andtheaccesstofeedbackandinputswehaveacrossourstakeholderbases.Whatis
AI?21.
Thereisnosingle,commonlyagreeddefinitionofAI.Nevertheless,AIisoftendescribedasthesimulationofhumanintelligencebycomputersystems,wherebyAIalgorithms,iesetsof22.
AIcanbebroadlycategorisedintonarrowAI(whereamodelistrainedtoperformasingletask,suchasrecognisingfacesortranslatingtextintoanotherlanguage)andgeneralAI(whereamodelistrainedtolearn,behaveandperformactionsinthesamewaythathumanswoulddo).Inbothcases,themodelsaretrainedusingdata.instructions,areprogrammedtomakedecisionsandsolveproblemsusinglargevolumesofstructured(egfiguresinrowsandcolumns)andunstructured(egtextual,vocal,image)data.9BUILDINGTHEFOUNDATIONSFORTRUSTEDARTIFICIALINTELLIGENCE
|
INTRODUCTIONFoundationmodelsBenefitsof
AI23.
So-called‘foundationmodels’areanemergingtypeofgeneral-purposeAI.Thesepowerfulmodelsaretrainedonbroaddatasets,oftentakendirectlyfromtheinternetratherthanusingcuratedtrainingdatasets,andwithminimalhumansupervision.Theyusemachinelearningtoapplywhattheyhavelearnedaboutonesituationtoanother.27.
AItechnologies–andfoundationmodels,inparticular–havethepotentialtobehugelybeneficialtoboththeeconomyandsociety.As
theUKprimeministerhassaid:‘HarnessingthepotentialofAIprovidesenormousopportunitiestogrowoureconomy,createbetter-paidjobs,andbuildabetterfuturethroughadvancesinhealthcareandsecurity’(UKGovernment2023).24.
LargeLanguageModels(LLMs)areaspecifictypeoffoundationmodelthataretrainedonlargeamountsoftextdata.LLMsarepoweringgenerativeAImodels,whichincludeChatGPTandGoogle’s
Bard.28.
Fromaneconomicperspective,AItechnologiescanboostefficiencyandproductivity(apriorityfortheUK),reduceoperationalcosts,andenableconsumerstoenjoyawiderchoiceofpersonalisedproducts.25.
The‘generativeAI’thatisenabledbyfoundationmodelscanproducenoveloutputsderivedfromthesimpleinputsthatitreceives.As
wellasgeneratingvastswathesoftextanddata,generativeAIcancreatecompleximagery,videosandmusic.Itcangeneratethiscontentfromashortprompt,ratherthanhavingtobetrainedspecificallytoperformthetaskinquestion.Thisisdifferentfrommachinelearningtechniques,suchasclassification,whichsimplymapnewinformationontoexistingcategoriesdependingonhowtheyweretrained.29.
AItechnologiescantakeoverdangerous,boringandrepetitivetasksfromhumans,freeinguppeopletoperformsaferandmoreinterestingwork.Theycanalsominimise,andpotentiallyeveneliminate,theri
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