Photo credit: Luca Herrmann
The UK’s Competition and Markets Authority (CMA) is launching an inquiry into the impact of AI on the UK economy.
Big language models and generative artificial intelligence are influencing the way humans create art at remarkable speed. The aim of the research is to understand the development of these AI models and to provide an assessment of the conditions and principles that will guide the development of these models and their use in the future.
The CMA will examine how the development of AI models raises issues such as security, copyright, privacy and human rights, and economic implications. “AI has entered the public consciousness in recent months, but has been on our radar for a while.” adds Sarah Cardell, executive director of the CMA. “It’s a rapidly evolving technology that has the potential to transform the way businesses compete and drive significant economic growth.”
“It is vital that the potential benefits of this transformative technology are easily accessible to UK businesses and consumers, while protecting people from issues such as false or misleading information,” she continues. “Our goal is to further develop this new, fast-growing technology in a way that ensures open, competitive markets and effective consumer protection.”
The CMA is soliciting opinions and evidence from stakeholders and welcomes submissions by June 2, 2023. It encourages all interested parties to respond and proactively identify evidence relevant to their position. After collecting and analyzing the evidence, the CMA will publish a report with its findings in September 2023.
In March 2023, the UK government published its White Paper on AI, acknowledging that an innovation-friendly and proportionate approach to regulating how AI is used is crucial to reaping the benefits it offers. It also includes understanding how this rapidly evolving technology can impact established business models and create new trends in digital markets.