Damian Hinds MP: speeches

Speeches

• 8 Jul 2026 · Societal Impact of AI: Government Policy · Hansard source

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  I agree with large parts of what the hon. Gentleman says. The timeframes are obviously shorter this time than they were for say, the industrial revolution, the printing press or any of the other massive changes that we have seen in the past. When Gutenberg invented his printing press, I am not sure it was foreseeable to even the most far-sighted, omniscient individual what all the effects of that would be. That does not mean we do not try to scenario-plan and to think about the different possible outcomes and try to mitigate them. Labour market effects are probably what we as politicians worry about the most, along with all the other implications, like the consequences for income distribution, intergenerational fairness and so many other aspects. People already say that AI has had a big impact on job markets, particularly on the graduate job market. I honestly do not know whether that is true or not. It strikes me that it is quite an easy thing to say: if a company is not doing that well this year and is not employing graduates to the same extent that it used to, it is a great thing to say, “Well, we’re investing in AI.” I do not see how a professional services firm, with the current technology deployment, would be able to substitute people for AI in quite that way. In the future, it is true that there is a scenario in which there is mass unemployment. But it is also true that when there have been huge upheavals previously, labour markets have adapted, albeit over time, and sometimes it is that gap that makes the difference. Labour has found its way into different sectors—

• 8 Jul 2026 · Societal Impact of AI: Government Policy · Hansard source

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  I agree with the hon. Gentleman; this is, of course, not a left versus right argument. For example, the antitrust regime in the United States exists precisely to prevent the concentration of power. Indeed, all the companies in the list we heard earlier were American. We did not mention ByteDance or Huawei, which we could easily have done. As the right hon. Member for Oxford East said, sovereign capability is obviously important, too. On labour markets, there is also a risk—actually, the hon. Member for Poole did not do this, but I thought that he was going to keep saying, “Universal basic income, universal basic income.” He did not, but a lot of people do. Universal basic income is a policy prescription that those people calling for it tended to believe in years earlier, before they had even heard of AI, and now it fits this scenario. I do not know what the outcomes and therefore the mitigations of AI will need to be, but we must keep an open mind.