Bank of England to Scenario Plan an AI Shock Amid Job Loss Fears

The Bank of England is planning to war-game the potential economic and financial impact of a full-blown AI shock amid fears that the technology will cost vast numbers of jobs and cut through a swathe of businesses.

The UK central bank will also consider whether to incorporate the assessments into its broader banking stress tests to capture a possible surge in household and company loan defaults and the damage inflicted on lenders, a person familiar with the matter said.

Concerns about the economic threat posed by artificial intelligence have rocketed after Anthropic Chief Executive Officer Dario Amodei warned that AI ...