Given there is no UK equivalent of ChatGPT, and in order to avoid another situation in which - as with other areas of tech - all of the industry giants are clustered elsewhere, the Lords committee seems to be essentially warning the country to go easy on the red tape.

He added that the "hollowing out" in the past could be on a greater scale in the future. His comments echo those of the Bank's Governor, Mark Carney, who has previously spoken about large-scale technological disruption to the jobs market. Mr Haldane added: "Given that the scale of job loss, job displacement is likely to be at least as large as that of the first three industrial revolutions, we will need even greater numbers of new jobs to be created in the future if we are not to suffer this longer term feature called technological unemployment. "It has not been a feature of the past, but could it possibly be a feature of the future? I think that is a much more open question than at any previous point possibly in history."