In light of escalating apprehensions surrounding the existential risks associated with artificial intelligence (AI), UK's Prime Minister, Rishi Sunak, is leading a transformative initiative to revamp the nation's regulatory stance towards this swiftly advancing technology.

The government's mere two months old AI white paper is already perceived as obsolete by industry connoisseurs. These thought leaders have been raising red flags, cautioning that humanity could be exposed to unparalleled risks without a substantial change in the global AI regulatory landscape.

Encouraged by his chancellor, Jeremy Hunt, Sunak is championing the cause for an international agreement on AI development norms. This could potentially lay the groundwork for a worldwide regulatory authority supervising AI.

Simultaneously, members of both the Conservative and Labour parties are pressing Sunak to propose a distinct legislation that could inaugurate the UK's first-ever watchdog dedicated to AI.

A representative from Downing Street underscored the government's dedication to safety and public trust in AI. They recognised the breakneck speed of technological progression, stating, "Some of this tech is moving so fast it’s unknown.

The AI Paradigm Shift

Despite the government's prior enthusiasm about AI's prospective advantages, recent breakthroughs in AI, such as the automated conversation tool ChatGPT and AI trailblazer Geoffrey Hinton's alerts about the existential dangers of AI, have triggered a reassessment within the government.

The capacity of AI to sway hiring and termination decisions, aid police in suspect recognition, and even tamper with elections has sparked grave concerns among experts.

Sunak recently convened with leading AI industry executives, including Google's CEO Sundar Pichai and OpenAI's CEO Sam Altman. Post these meetings, Downing Street publicly recognised AI's "existential risks" for the first time.

In the coming week, UK officials will collaborate with their G7 peers to deliberate on the repercussions of AI on intellectual property safeguards and disinformation.

The Evolution of AI Regulation

Megan Stagman, an associate director at the government advisory firm Global Counsel, observed a significant shift in the government's perspective on AI regulation: "Even since the AI white paper, there has been a dramatic shift in thinking.

Parliamentarians are now advocating for an AI bill that could establish specific conditions for companies developing AI technology in the UK, including the potential inception of an AI-specific regulator.

Former cabinet minister and Tory MP David Davis underscored the necessity for clear AI definitions of responsibility and liability. He stated, "We need an AI bill. The problem of who should regulate it is tricky, but I don’t think you can hand it off to regulators for other industries.

Labour’s spokesperson for digital, culture, media and sport, Lucy Powell, criticised the AI white paper as a stopgap solution to a long-term shift, cautioning against relying on overburdened regulators to manage the multifaceted impacts of AI.

In a letter to Sunak, Darren Jones, chair of the business select committee, proposed the UK as a potential host for an international AI agency akin to the International Atomic Energy Agency.

While the government acknowledges its shift in approach, it remains committed to a flexible regulatory strategy, rejecting the EU's approach of regulating each use of AI differently. One insider said, "We want to stay nimble because the technology is changing so fast.