Bank of England's Bailey says UK should take 'pragmatic' approach to AI

LONDON (Reuters) -British authorities should take a "pragmatic and open-minded approach" to applications of artificial intelligence and seek to solve risks it poses rather than just highlight them, Bank of England Governor Andrew Bailey said on Monday.

"We must understand what it can and cannot deliver, and where it can create broader issues that will need to be tackled. But I would say to the alarmists that it is all of our responsibility to solve such issues rather than just broadcast them," he said.

Bailey made the remarks in the text of a speech released by the central bank ahead of its delivery at a dinner in Edinburgh to promote investment in Scotland.

Bailey said there was a need for a supportive domestic environment to help investment in AI and other projects that needed time to pay off, and said he supported government efforts to encourage pension funds to invest more in British businesses.

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(Reporting by David MillikenEditing by William Schomberg)