Ex-Google boss gives his verdict on the 'profound' impact of AI on society

The former boss of Google says the roll-out of artificial intelligence will be “profound”, with the potential to boost workers’ wages. Eric Schmidt claimed the would double people’s productivity, while insisting it should not be feared.

Prime Minister Sir said AI would be a “game changer”, adding “We need to rush towards.”

Both were speaking at the government’s first international investor summit, where hundreds of the ’s biggest bosses and wealthy were brought together at London’s historic Guildhall. The event included a panel discussion where Sir Keir and Mr Schmidt were questioned on some of the big issues facing companies and workers.

Mr Schmidt predicted that AI would have as dramatic an impact on society as the industrial revolution. “It will change society in a really profound way,” he told the audience. "We will work with this alien intelligence,” claiming that through AI “the world would become more efficient.” He added: "What happens to humans is that incomes go up, not down."

Sir Keir said: “Over the next five or 10 years, there will be incredible change.” He said of AI: “It is a game changer that has massive opportunity for productivity. We need to run towards it.”

It came as Mr Schmidt warned Sir Keir the government would fail to meet its 2030 climate goals unless it reduces red tape on companies.

He suggested a “minister of anti-regulation” to cut through bureaucracy. “Democracies, especially something as old as this one, have so many ways in which people say no,” he told the event. “The cost of capital and the delay is killing you, and furthermore you’re not going to achieve your 2030 energy goal, which is laudable, without fixing this.”

The Prime Minister replied: “I think this is a really big challenge, it has to be a cross-government priority, not just within the Treasury team.”

Among the investments announced at the summit was £6.3billion from four US tech firms - CyrusOne, ServiceNow, Cloud HQ and CoreWeave - in data centres.

Technology Secretary Peter Kyle said: “Tech leaders from all over the world are seeing Britain as the best place to invest with a thriving and stable market for data centres and AI development.
“Data centres power our day-to-day lives and boost innovation in growing sectors like AI.”