From BBC News · · 1m
Bank of England: AI regulation not first step
Bank of England governor says AI testing must come before regulation.
In brief
Bank of England governor says AI testing must come before regulation. Bank of England governor Andrew Bailey argues rigorous AI testing should precede regulation to manage risks. Originally reported by BBC News.
Bank of England governor
Andrew Bailey, Governor of the Bank of England, wrote his first Substack article stating AI regulation is not the right place to start.
“is not the right place to start”
AI risks and benefits
Bailey said AI risks are real and increasingly significant but benefits are immense, so development should not be halted or prohibited.
“real and increasingly significant”
Testing over regulation
Bailey called for rigorous AI testing to find vulnerabilities and create safeguards before any regulatory framework emerges.
“rigorous testing to find vulnerabilities”
Frontier AI risks
Bailey highlighted frontier AI systems that could become self-governing closed loops without effective intervention.
“frontier ai - highly-advanced, self-learning systems”
AI companies' stance
OpenAI and Anthropic called for slowing AI development and international risk assessments, but Trump rejected slowdowns.
“the us is leading the ai race ahead of china”
Next steps
Bailey said testing must accelerate but proceed with humility, as failures are expected but not evidence of failed testing.
“that is not evidence that testing has failed”
The big picture
Bank of England governor Andrew Bailey argues rigorous AI testing should precede regulation to manage risks.
