AI creates jobs in 54% of UK firms, Lloyds says

Artificial intelligence has created new jobs in 54 percent of UK businesses, Lloyds said in a study released Tuesday, while the bank's study did not specify whether other roles had been cut at the same firms.

Lloyds said the finding was based on its monthly business research and a survey of 1,200 businesses. It also said 61 percent of companies currently use AI, and 58 percent plan to increase investment in AI in the coming year to upskill their workforce.

The findings come amid concern about AI's impact on employment. An OECD report last month found that AI was not causing a widespread decline in employment across its member countries, but said the technology was changing the skills businesses seek and may make it harder for younger people to enter the workforce.

A United Nations report earlier this month said global youth unemployment rose last year, with young people expressing anxiety about entry-level jobs being replaced by technology.

Amanda Murphy, chief executive of Lloyds business and commercial banking, said AI has the potential to be “as transformative for businesses as the internet was a generation ago.”