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AI Adoption Expected to Cut Headcount at Over Half of Major UK Firms: Deloitte
The survey found firms are adopting AI faster than they are training workers, and only a third of CFOs expect higher margins next year.
- On Oct 14, Deloitte reported that 52% of CFOs expect to cut headcount due to AI, according to a survey of 66 CFOs conducted between Sept 17 and Oct 1 across Britain.
- AI adoption and high employment costs are encouraging firms to expand with fewer roles, driving a jobless growth revival in Britain that poses a political dilemma for Prime Minister Andy Burnham's Labour government.
- More than two thirds — 67% — of CFOs have achieved a quarter of expected AI changes, while a separate Multiverse report founded by Euan Blair suggests firms struggle to integrate AI investments with existing workers.
- Minister Kanishka Narayan pledged on Oct 12 to "never leave working people to bear the cost" of the AI revolution, acknowledging that people are "naturally anxious about their jobs."
- Only a third of CFOs believe AI will increase margins next year, while long-term unemployment and youth joblessness remain high—an anomaly in an economy otherwise outperforming European peers.
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Big UK firms focus on cost-cutting as inflation bites, Deloitte survey shows
Large British companies expect inflation and interest rates to rise over the next year and are focussing increasingly on cost-cutting, a survey published Deloitte showed on Wednesday, two weeks before finance minister John Healey's first budget.
·London, United Kingdom
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Coverage Details
Total News Sources5
Leaning Left0Leaning Right1Center2Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
C 67%
R 33%
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