AssetID: 56069403
Headline: UNCAPTIONED: Bank of England Warns of Growing Financial Risks From AI
Caption: Bank of England Warns of Growing Financial Risks From AI. Bank of England Governor Andrew Bailey has warned that authorities must retain the “right to intervene” in the AI industry as increasingly powerful systems pose growing risks. He said the risks from rapidly advancing “frontier” AI models were becoming increasingly significant and could make it harder for society to supervise the technology effectively. He warned that AI could increase the scale and sophistication of cyberattacks targeting the financial system, potentially disrupting card payments and financial markets. Bailey said the potential benefits of AI were immense, but argued that governments and regulators should remain able to establish limits and intervene when necessary. However, he stopped short of calling for an immediate regulatory clampdown, saying authorities should first understand where AI systems could fail. He instead called for rigorous testing of new AI models to identify points where authorities could credibly intervene if problems arise. The warning came as the Bank’s Financial Policy Committee raised concerns about the rapidly increasing amount of debt taken on by AI companies. AI-related borrowing reached around $450 billion between January and September, exceeding the $333 billion in UK government bonds expected to be issued during the whole of 2026. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Current Affairs & Politics,Andrew Bailey,Bank of England,card payments,banking transactions,financial markets,fraud,disruptions,artificial intelligence,regulation,right,intervention,borrowing,companies,powerful,systems,crime,risks
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