The next government will need to introduce a range of reforms to help ensure the successful adoption of artificial intelligence, the Institute of Directors (IoD) said today.
In a new report published alongside the London Business School, the IoD warned that the adoption of generative AI could “widen corporate inequalities, with sectors prone to market consolidation seeing the most significant shifts.”
“While some firms are expected to significantly benefit from these technologies, the overall impact on market structures and competitive dynamics is expected to be uneven,” the report said.
It called on regulators and policymakers to develop a framework to ensure that the benefits of AI were widely distributed.
The IoD argued the government should “enhance legal frameworks for intellectual property and data privacy” while developing support for sectors which face barriers to adoption.
It also called on the government to “redesign” the educational system for a post-GenAI world to help prepare the workforce for new demands. This would mean reviewing priorities for vocational and professional training and continuing education.
The IoD also suggested that regulators would need to consider policies which would promote the sharing of data, particularly where this leads to broader societal benefits.
Faisal Khan, chair of the IoD’s Science, Innovation and Technology Expert Advisory Group, said: “This will ensure that the full potential and benefits of this transforming technology are realised by the business community, facilitating growth.”
Earlier this year the government published its strategy for regulation AI, pledging to spend over £100m on establishing research hubs and equipping regulators to deal with the new technology.
The government is trying to take an “agile” approach to AI regulation, treading a fine line between protecting privacy and fostering innovation.
Labour has not yet launched its own AI strategy, but Peter Kyle, shadow science and tech secretary, recently said that it would be released in the next couple of weeks.
Kyle has previously said that a Labour government would force AI firms to share the results of technology tests, replacing the existing voluntary agreement signed at the AI Safety Summit.