A Tony Blair Institute report projects AI could displace 1-3 million UK private sector jobs over two decades, with annual displacement peaking at 60,000-275,000. AI may boost GDP by 1% in five years, rising to 6% by 2035. Administrative, secretarial, sales, customer service, banking, and finance jobs face the highest risk. The impact will likely focus on cognitive tasks. These projections depend on AI development, investment, and government policies.
AI-powered lending company Upstart reported strong financial results, with loan volumes up 43% quarter-over-quarter. They forecast £180 million Q4 revenue, beating expectations. The stock rose 20% in after-hours trading.
A recent report shows that over 60% of Gen Z and millennial adults use AI for personal finance tasks, with most using it weekly. Common uses include budgeting, investment planning, and improving credit scores. While AI can be helpful for simple tasks, experts advise caution for complex financial decisions, recommending verification from reputable sources and professional advice where needed.
A New York AI company has secured £4 million in Series A funding to develop loan origination software for mid-tier US banks and credit unions. This investment is part of a growing market projected to reach £12.2 billion by 2032.
