Regulating AI 'not the right place to start' says Bank of England governor - BBC News
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By [Author], BBC News
The Governor of the Bank of England, Andrew Bailey, has stated that regulating artificial intelligence (AI) is not the ideal starting point, but instead advocates for "rigorous" testing to identify vulnerabilities and ensure safeguards against potential risks.
"Regulating AI is not the right place to start, but establishing a system for intervention and setting boundaries for its operation is crucial."
Bailey's comments, published in his first Substack article, highlight the delicate balance between harnessing AI's benefits and managing its risks. While acknowledging the immense advantages of AI, he emphasizes the need for a structured approach to mitigate potential dangers.
Recent discussions regarding AI's impact have intensified, with leaders from prominent AI companies like Anthropic and OpenAI advocating for a more cautious approach. OpenAI, for instance, recently decided not to release a new AI model due to safety concerns.
In contrast, former US President Donald Trump has expressed his desire to maintain the US' lead in AI development, stating, "I want to keep it that way because whoever wins AI, wins."
Following a summit with AI leaders, Trump announced that companies had signed a "morally binding" document outlining safety measures.
In the UK, Bailey mentions the AI Security Institute, which is working on AI testing. He suggests that while testing is crucial, it should be seen as a complement to future regulation, which might emerge over time.
"Testing is necessary because models will behave unexpectedly. But that is not evidence that testing has failed, rather it is evidence of why testing is necessary."