Further delay with targeted AI legislation “would risk the UK, despite the Government’s good intentions, falling behind other jurisdictions” such as the United States and the European Union, with both already moving ahead with legislation amid the technology’s rapid development.

Among the twelve governance challenges highlighted by the Committee through its new report, the most notable relates to the potential existential threat that AI could pose. The Committee advocated that, if there is the possibility that AI is a major threat to human life, then governance needs to provide protections for national security.

In terms of society and culture, AI’s consequent disruption to jobs and the labour market, its introduction and perpetuation of biases, and how the content that AI generates intersects with intellectual property, privacy, misrepresentation, and liability were also underscored as governance challenges to be addressed swiftly.

Further, and on the more technical side, AI’s need for very large data sets, the need for significant compute power, certain models and tools not always being able to explain why it’s produced a particular result, as well as code openness were listed as key issues for policymakers.

Another is the challenge of international coordination when it comes to AI regulation. “AI is a global technology, and the development of governance frameworks to regulate its uses must be an international undertaking,” the Committee wrote.

In a bid to progress such efforts, the UK is hosting a global summit on AI safety at Bletchley Park in Buckinghamshire on the 1st and 2nd of November.

The two-day event is set to bring together governments from across the world — in addition to AI companies and researchers — to discuss the safe development and use of AI, and how risks can be mitigated through coordinated international action.

While the upcoming summit is embraced by the Committee, it also wants legislation to be made quickly and practically.

The chair of the Science, Innovation and Technology Committee, Rt Hon Greg Clark MP, said: “The UK’s depth of technical expertise and reputation for trustworthy regulation stand us in good stead and our Committee strongly welcomes the AI Safety Summit taking place at Bletchley Park in November.

“However, if the Government’s ambitions are to be realised and its approach is to go beyond talks, it may well need to move with greater urgency in enacting the legislative powers it says will be needed.”

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While policymakers will need to ensure there’s appropriate governance in place for AI to be developed and used safely, it’s also a balancing act to make sure that AI innovation and the harnessing of it isn’t inadvertently quashed.

On this, Sridhar Iyengar, the managing director for Zoho Europe, commented: “Taking a global lead in the AI race is a vital part of the UK’s aim to become a Tech Superpower and November’s AI summit will play a key part in this.”

“AI can add significant value for businesses. For example, it can help increase efficiency and accuracy in projections forecasting, fraud detection and sentiment analysis. However, collaboration between business, government and industry experts is necessary to ensure its success.

“This can help to strike the right balance when introducing safe regulations and guidance for the development of truly innovative AI solutions that can play a central role in business growth.”