AI could spark 'complete annihilation of humankind' unless regulated
The UK needs to act now to regulate the rapid developments of artificial intelligence (AI) to mitigate the risks it poses to society, a policymaker has said.
According to a recent study, the UK AI market is forecast to surpass $1tn (£785bn) by 2035. However, Lord Chris Holmes, a life peer in the UK's House of Lords and a prominent advocate for the ethical use of technology, has cautioned that when it comes to national and international risks, "artificial intelligence is up there in the top slot".
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He has proposed legislation in the Artificial Intelligence Regulation Bill to foster the development of "ethical AI" based on key principles like trust, transparency, inclusion, innovation, public engagement and accountability.
Speaking to Yahoo Finance Future Focus, he warned that without proper oversight, AI has the potential to pose nothing less than the "potentially complete annihilation of humankind".
"There is no question that AI potentially deployed on the battlefield is a risk that we should all be fully aware of," he added.
Developing regulation to ensure 'ethical' AI
"We should and must act to legislate now on this, where we can set out principles, concepts, values and ethics, and have the concept of 'ethical AI' bed-rocked to any regulatory approach," Lord Holmes said.
He said that the proposed legislation would be particularly unique because it would be enshrined in English common law. "The legislation would be based on common law so that it can then develop over time through case law and precedent constructed with certainty and stability. This is why common law is used for contracts all around the world," he added.
New AI regulatory authority
One of the main aspects of the bill is its proposal for establishing a single AI regulatory authority in the UK which would be responsible for supervising regulatory initiatives, ensuring consistency across pertinent sectors, and assessing the efficacy of each sector's regulatory approach towards AI.
"This would not be a large cumbersome, bureaucratic, constantly expanding regulatory body, but one that would be light, agile and horizontally focused. It would look across all of the existing regulatory bodies and assess their competency to address the challenges and the opportunities of AI," Lord Holmes told Yahoo Finance Future Focus.
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The bill also proposes the establishment of regulatory sandboxes for AI developments, enabling businesses to test innovative AI propositions under controlled conditions.
EU's Artificial Intelligence Act
Advocates like Lord Holmes say UK-based regulatory legislation on AI is lagging behind developments in the European Union. Earlier this month the EU parliament approved its Artificial Intelligence Act that aims to protect "fundamental rights, democracy, the rule of law and environmental sustainability from high-risk AI".
The UK has faced criticism for adopting a "wait and see" approach toward implementing safeguards around AI.
However, there is increasing discussion around the need for right-sized, pro-innovation regulation in the UK, according to Lord Holmes. His Artificial Intelligence Regulation Bill is scheduled for its second reading on Friday, 22 March in the House of Lords.
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