Regulating AI 'not the right place to start' says Bailey
Summary
The Governor of the Bank of England, Andrew Bailey, said that instead of starting with regulation, the focus should be on thorough testing of artificial intelligence (AI) to find risks and ways to control them. He supports AI development because of its big benefits but says there must be clear rules later on, while AI companies take responsibility for safety now.Key Facts
- Andrew Bailey, Bank of England Governor, wrote about AI risks and testing for the first time on Substack.
- He stated AI has real risks but also great benefits, so development should not stop.
- Bailey believes rigorous testing can reveal problems and help create safety standards.
- UK has created the AI Security Institute to help test AI and set standards.
- Bailey said testing may show unexpected problems, which proves testing is needed.
- He said regulation might happen later, but it’s not the right first step.
- US President Trump supports fast AI development and signed an agreement with AI companies for safety responsibility.
- Recently, OpenAI delayed releasing a new AI model due to safety concerns.
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