A Lloyds Bank survey of 1,200 companies conducted in July shows most UK businesses believe artificial intelligence (AI) has generated new jobs. Fifty-four percent of respondents said AI had led to job creation at their organisation. At the same time the findings point to an emerging two-speed labour market.
According to the survey, one quarter (25%) of employers are increasingly seeking candidates with AI skills, and one fifth (20%) are creating roles specifically focused on AI. However, job adverts for roles most exposed to AI — such as software developers and consultants — have fallen since 2022.
The Bank of England’s analysis supports part of this picture: firms using AI have seen productivity gains, but some of that efficiency appears to come at the expense of jobs. As a result, some business leaders now believe the technology may mean fewer roles in the longer term.
Growing gaps between firms
The survey also highlights widening differences between companies. Two-thirds of firms with annual revenues above £10 million say their workforce already has the necessary AI skills, while across all respondents the proportion is only just above 50%. More than 70% of large firms plan to increase AI-related investment to boost productivity.
Amanda Murphy, chief executive of Lloyds’ business and commercial banking division, says organisations should shift focus from mere access to AI towards building the skills, culture and confidence needed to use it effectively. That shift includes not only changing recruitment priorities but also investing more in retraining existing staff.
Political and social responses
Reflecting on the survey, Andy Burnham, the new prime minister, has adopted a firmer tone about AI’s labour-market impacts, warning particularly about risks to younger people. Both policymakers and business leaders are confronting how to balance productivity gains with job risks and broader social inequality.
Key takeaways
- Larger companies are progressing faster on AI skills and investment, potentially widening competitive gaps.
- Demand is falling in some roles that are most exposed to automation or AI-driven change.
- Employers are increasingly prioritising retraining existing employees and recruiting with AI competencies in mind.
An AI assistant contributed to preparing this article; the final content was edited and verified by our journalist.
