Bank of England Governor Calls for Rigorous AI Safety Testing Before Regulation

Bank of England Governor Andrew Bailey says artificial intelligence risks are “real and growing”, but argues that rigorous testing should come before regulation.

Writing on Substack for the first time, Bailey said regulating AI was “not the right place to start”. Instead, he called for testing designed to identify vulnerabilities and establish safeguards capable of containing the technology’s risks.

Bailey: AI Development Should Not Be Halted

Bailey said AI development should not be halted or banned. “On the contrary, its benefits are enormous,” he wrote.

However, he said effective systems for intervention are needed, along with clear boundaries defining how AI should operate.

“The risks surrounding AI are real and growing,” Bailey said, as debate intensifies over the potential impact of rapidly advancing AI systems and what they could mean for humanity.

AI Companies Call for International Coordination

Executives at major AI companies, including Anthropic and OpenAI, have called for an internationally coordinated approach to slowing the technology’s development, assessing its risks and implementing safeguards.

OpenAI recently announced that it would not release its latest AI models because of safety concerns.

Trump Rejects Calls for an AI Slowdown

President Donald Trump and others have rejected the idea of slowing AI development, arguing that the United States is leading the AI race ahead of China.

“Frankly, whoever wins AI wins, so I would like to maintain the status quo,” Trump said.

However, after hosting a summit with major AI companies including OpenAI and Anthropic on Tuesday, Trump said executives had signed a “morally binding” document intended to provide “a form of protection” from AI’s potential risks.