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Generative AI could add £31bn to UK economy – report

Generative AI GDP
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Generative AI systems such as those powering advanced chatbot ChatGPT could provide a £31bn boost to the UK economy, according to a report.

Generative AI, a subset of artificial intelligence that creates new content based on prompts, is estimated to have the capability to do 2.5% of all tasks, with those productivity improvements equivalent to a 1.2% boost to Britain’s GDP.

At 2022 GDP levels, this would be equivalent to an additional output of £31bn.

However, the report, published by professional services firm KPMG, suggests that generative AI could affect 40% of all jobs in some way.

Yael Selfin, chief economist at KPMG UK, said: “While we do not anticipate many job losses as a result, changes to work practices of some occupations could still lead to short-term skill mismatches, as the labour market adjusts to the new technology.”...