The vote of confidence from Bank of England Governor Andrew Bailey on the game-changing potential of artificial intelligence (AI) for Britain and the global economy underscores a pivotal moment for UK businesses, society, and our economy.
Drawing parallels to the invention of electricity, Bailey highlighted AI’s potential to lift growth rates and increase per capita national income, a vision that should inspire us all. Yet, his emphasis on AI upskilling as crucial to this transformation raises a stark question for the UK – are we ready?
According to Cisco’s latest UK AI Readiness Index, only 10% of UK organisations are fully prepared to harness AI’s potential. Meanwhile, 86% believe they have 18 months or less to implement an AI strategy before suffering significant negative business impacts. These findings shine a light on readiness gaps in infrastructure, data, governance, and culture. However, a lack of skilled talent could also present itself as the biggest obstacle to successful AI adoption.
AI holds immense promise; it can revolutionise customer experiences, optimise operations, and fuel innovation. Yet, the UK workforce currently lacks the AI skills required to successfully implement and sustain the AI initiatives required. Nearly half (48%) of organisations report they lack sufficient in-house talent to manage AI deployment successfully. Without the right skills, the UK risks falling behind in the global AI race.
This is more than a tech problem; it’s a people challenge. From traditional IT roles to marketing and supply chain management, almost every job will require AI literacy in the very near future (if not already!).
A report by the AI-Enabled ICT Workforce Consortium highlights the urgency of creating pathways for workers to upskill, with early and sustained intervention vital to ensuring no one is left behind.
To prepare for the future, organisations must also address broader readiness gaps. Investments in scalable IT infrastructure, better data governance, and comprehensive AI strategies will create a foundation for success. Additionally, policies to mitigate algorithmic bias, alongside robust data security measures, are critical.
The potential rewards for addressing these challenges are staggering. With the right focus, Britain can unlock not only economic growth but also its position as a global leader in AI innovation. The Bank of England’s faith in AI’s potential is echoed by the majority of business leaders surveyed, with 98% stating they’re developing or already have highly defined AI strategies. However, turning these strategies into results depends entirely on bridging our gaps in talent and readiness.
AI offers the UK a transformational opportunity. But opportunity without preparedness risks becoming a missed chance. It is up to business leaders to champion AI readiness within their organisations and across their industries. By investing in people, infrastructure, and responsible AI practices, the UK can build a resilient, skilled workforce and lay the foundations for sustainable AI-powered growth.
Building an AI-enabled future requires us to act with purpose and collaboration. This means government and business must work together to ensure that the technology serves everyone—closing the digital divide and driving equitable opportunities across communities. This means fostering innovation, prioritising ethical standards, and empowering people with the skills they need to thrive in an ever-evolving digital world.
Sarah Walker is UK and Ireland chief executive, Cisco
