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Andrew Bailey says AI regulation should follow rigorous testing

The Bank of England governor also argued AI development should continue, but with boundaries and an intervention system to contain risks.

Reported · Written up by our desk · Central Banks

Bank of England Governor Andrew Bailey said regulating artificial intelligence is not the first step, arguing that authorities should start with rigorous testing to identify vulnerabilities and put safeguards in place, according to BBC Business.

Writing his first-ever Substack article, Bailey said the risks from AI are real and increasingly significant, while also saying development should not be halted or prohibited, since the benefits are immense.

He said there must be a system for intervention and clearer boundaries around where and how AI operates, as debate intensifies over how to manage safety concerns from rapid AI progress.

The BBC Business report also notes that in recent weeks executives at leading AI firms, including OpenAI and Anthropic, have called for slowed development and for an internationally coordinated approach to assess risks and implement safeguards.

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