The Governor of the Bank of England, Andrew Bailey, has issued a stark parallel: the widespread rise of artificial intelligence (AI) will disrupt the workforce on a scale reminiscent of the Industrial Revolution. While AI promises significant economic growth, it also threatens to displace workers, particularly in entry-level and professional roles.
Bailey emphasizes that the UK’s critical response must be a national commitment to training, education, and skills development. Workers equipped to use AI tools will find securing employment “a lot easier.” However, he highlights a pressing concern: AI is already making it harder for younger, inexperienced professionals to land their first jobs, potentially blocking the traditional career pipeline.
Recent data supports this warning. UK unemployment has risen, with an 85,000 increase in jobless 18–24-year-olds—the largest surge in nearly a year. While multiple factors are at play, AI’s role is becoming clearer. Industries like law, accountancy, and administration are seeing entry-level tasks automated. For example, PwC’s global chairman noted the firm is reconsidering hiring plans, as AI can now perform data-sifting work that once required junior staff or consultants.
Historically, technological fears are not new—even Queen Elizabeth I worried about knitting machines. The Industrial Revolution did not cause mass permanent unemployment but did force a major displacement and shift in skills. Bailey believes AI will follow a similar path: boosting long-term productivity and economic growth but creating a turbulent transition.
The conclusion is clear. Proactive adaptation is non-negotiable. Businesses, educators, and policymakers must collaborate to build a workforce that works with AI, not against it. The future belongs not to those AI replaces, but to those who are prepared to use it.
