Reeves to launch City ‘skills compact’ committing firms to retrain staff in AI
Summary
Chancellor Rachel Reeves will announce a new commitment called the City “skills compact” that involves major financial firms retraining their workers in important skills like artificial intelligence (AI). This plan aims to help employees keep up with fast changes in technology and protect jobs in the UK financial sector.Key Facts
- The skills compact includes firms such as Barclays, Lloyds, London Stock Exchange, Nationwide, Fidelity, and Standard Chartered.
- Nearly 20 firms will create three-year plans to train UK staff in up to five key skills related to future technology needs.
- The firms will report their progress annually to the Treasury and Financial Services Skills Commission.
- Each participating firm must have a senior leader overseeing the training program.
- The UK financial sector accounts for about 11% of the UK economy and employs 2.5 million people.
- AI developments raise concerns about job losses, especially among back office workers.
- Research predicts AI could put more than 200,000 banking jobs at risk in Europe by 2030.
- The compact focuses on boosting skills to support innovation and competitiveness rather than just avoiding job cuts.
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