Jump to contentAllNewsSportCultureLifestyleGovernor of the Bank of England Andrew Bailey (PA)Bank of England Governor Andrew Bailey has warned G20 finance ministers that a collapse in the artificial intelligence bubble could trigger a major global financial downturn. Writing in his capacity as chairman of the Financial Stability Board, Mr Bailey highlighted risks from high valuations, market concentration, and energy shocks linked to the US-Iran war. The warning coincides with Chancellor John Healey announcing a £100 million fund to support British AI start-ups and grow domestic AI capacity. The government scheme encourages firms to compete for funding to tackle key challenges, including NHS waiting lists, cybersecurity, and defence. Mr Healey said the initiative aims to ensure Britain leads in AI innovation, driving job creation, better public services, and nationwide economic growth. In fullBank of England governor: AI risks forcing global economic downturnMore bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in
Andrew Bailey warns AI could trigger global market downturn
Jump to contentAllNewsSportCultureLifestyleGovernor of the Bank of England Andrew Bailey (PA)Bank of England Governor Andrew Bailey has warned G20 finance ministers that a collapse in the artificial intelligence bubble could trigger a major global financial downturn. Writing in his capacity as chairman of the Financial Stability Board, Mr Bailey highlighted risks from high valuations, market concentration, and energy shocks linked to the US-Iran war. The warning coincides with Chancellor John Healey announcing a £100 million fund to support British AI start-ups and grow domestic AI capacity. The government scheme encourages firms to compete for funding to tackle key challenges, including NHS waiting lists, cybersecurity, and defence. Mr Healey said the initiative aims to ensure Britain leads in AI innovation, driving job creation, better public services, and nationwide economic growth. In fullBank of England governor: AI risks forcing global economic downturnMore bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in
