Jeremy Hunt calls for 'light touch' AI regulation

18 January 2024 , 15:00

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Chancellor of the Exchequer Jeremy Hunt has highlighted the potential benefits of AI (Image: PA Wire/PA Images)

Jeremy Hunt, the Chancellor of the Exchequer, has warned that governments need to be "light touch" with their regulation of AI.

Speaking at the World Economic Forum event at Davos, he also called for talks with China to prevent the technology from sparking an arms race between superpowers. Mr Hunt was part of a panel discussing the potential uses and threats of AI, alongside business leaders including Sam Altman, CEO of OpenAI.

He stressed the need for some "guard-rails" around generative AI, saying: "I think we need to be light touch because this is such an emerging stage. You can kill the golden goose before it has time to grow."

Mr Hunt also highlighted the potential benefits of AI in tackling global issues like pandemics, but warned of the risks of misuse by rogue actors. Last year, the UK Government launched a consultation about implementing a "pro-innovation approach" to AI regulation.

The Chancellor emphasised that global AI standards should "reflect liberal democratic values", amid concerns over its potential use in escalating geopolitical tensions.

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Mr Hunt stated: "We have choices now and the choice we need to make is how to harness it so it is a force for good. I actually think that means talking to countries like China because one of the ways it would be a force for bad is if it just became a tool in a new geostrategic superpower race with much of the energy put into weapons, rather than things which would actually transform our daily lives."

He added, "Those are choices we make and one of the ways we avoid that happening is by having a dialogue with countries like China over common ground."

This year marks the first time a UK chancellor has attended the annual gathering of international influencers at the exclusive Swiss ski resort in five years. The Chancellor, who is also set to appear at a second panel, previously mentioned that he would tell political and business leaders at the event that the UK is "on the up and open for business".

Foreign Secretary Lord Cameron is also representing the UK Government at the forum. Jonathan Reynolds, Labour's shadow business secretary, is there alongside shadow chancellor Rachel Reeves. Ms Reeves shared at a panel event organised by the forum on Wednesday that Labour's economic approach would differ from so-called "Bidenomics" because the party "just don't have the luxury" to spend as heavily to expand the supply side of the economy.

* An AI tool was used to add an extra layer to the editing process for this story. You can report any errors to [email protected]

Lawrence Matheson