Over 70% of large businesses surveyed said they plan to step up AI investment to boost productivity
MOST British businesses say artificial intelligence has created new roles, according to a survey that suggests firms are moving beyond experimentation and starting to reshape hiring around the technology.
The Lloyds Business Barometer found a quarter of UK employers are increasingly hiring candidates with AI skills, while a fifth are creating new AI-specific roles. More broadly, 54 per cent said the technology led to job creation.
Amanda Murphy, CEO of business and commercial banking at Lloyds, said firms have to shift their focus from accessing AI to “building the skills, culture and confidence to use it effectively.”
The findings underscore a shift that promises gains for firms that use AI and disruptions for workers across swathes of the labour market. The survey polled 1,200 companies in July.
Online job postings point to AI creating a two-speed economy, with firms hiring senior workers who have AI skills while cutting back elsewhere as high employment costs continue to bite.
Hiring for AI-exposed positions like software developers or consultants has slumped since 2022, and the view that AI will ultimately mean fewer jobs is now mainstream among CEOs.
Analysis by Bank of England staff also showed firms using AI are becoming more productive, but those gains are coming at the expense of jobs.
New Prime Minister Andy Burnham has taken a more hawkish approach to AI in his first weeks in office, particularly in his warnings about the impact on jobs and young people. AI is also preoccupying officials at the Bank of England, with Governor Andrew Bailey highlighted the challenge of moving from adopting the technology to using it as a productivity booster.
While AI has the potential of propelling the UK out of its growth slump, its effect on productivity may follow a J-curve as businesses need time to learn how to use it. Beyond hiring for AI skills, firms surveyed by Lloyds said they are also introducing or expanding training programmes for existing staff.
Two-thirds of firms with turnover above £10 million (US$13.6 million) said their current workforce had the AI skills needed to meet business demands, compared with just over half of firms overall.
Over 70 per cent of large businesses also said they plan to step up investment in the technology to boost productivity. BLOOMBERG
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