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 household spending power


Artificial intelligence could boost the UK's household spending power

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While some workers are worrying about how artificial intelligence (AI) could cause them to lose their jobs, a new study has shown that it could be a welcome boost to the economy. Research from PwC indicates that UK gross domestic product (GDP) could be 10 per cent higher by 2030 as a result of AI, increasing individual household spending power by up to £2,300 per year. This GDP increase would be the equivalent of an additional £232bn, making AI the biggest commercial opportunity in today's economy. "While we expect that the nature of jobs will change and that some will be susceptible to automation, our research shows the boost to UK GDP that AI-driven products and services will bring will also generate significant offsetting job gains, as well as boosting average real wage levels," said PwC economist Jonathan Gillham. Out of the UK regions, England stands to gain the most with GDP expected to be up 10.6 per cent.