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Bank of England governor Andrew Bailey says rigorous testing should come before AI regulation, as a way to identify risks and the safeguards needed to contain them.
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Writing in his first Substack article, Bailey called the risks from AI “real and increasingly significant” and urged rigorous testing to find vulnerabilities and safeguards, BBC News reported on 30 September. He said AI development should not be halted or prohibited because he sees immense benefits, but argued that there must be ways to intervene and set boundaries for its operation. [1]
The UK has established an AI Security Institute. Bailey said its testing work should help shape standards, while calling for faster progress. He expects tests to reveal failures and unexpected behaviour by AI models, and argued that such findings would show why testing is necessary. [1]
Bailey did not rule out regulation. He said a more formal framework might emerge over time, but maintained that regulation was “not the right place to start”. [1]
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