Andrew Bailey, head of the Bank of England, stated that AI regulation should not be the immediate priority. Instead of implementing new laws, he suggests focusing on rigorous system testing to identify vulnerabilities and manage risks.
Bailey acknowledged that AI-related threats are growing rapidly but opposed halting development, citing the significant economic benefits of the technology. He emphasized that algorithms will inevitably fail during testing, which underscores the necessity of such procedures.
The official called for clear frameworks and intervention mechanisms. While the UK AI Safety Institute is already conducting checks, Bailey believes the pace of this work must be accelerated. He noted that while regulations will eventually be introduced, starting with restrictive laws would be a mistake.
On September 29, Donald Trump and leaders of six major AI companies signed a voluntary agreement regarding the safety of advanced models. This initiative reflects ongoing global discussions on how to balance innovation with oversight in the rapidly evolving artificial intelligence sector.
