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cross-posted from: https://fedinews.net/m/ImproveTheNews/t/4667

> * As part of the UK's first two-day Artificial Intelligence (AI) safety summit, Prime Minister Rishi Sunak announced Thursday that a number of technology companies had signed a voluntary document alongside 10 countries and the EU, allowing governments to safety-test next-generation AI models. BBC News > * Eight companies — Amazon, Google, Open AI, Meta, Microsoft, Inflection AI, Mistral AI, and Anthropic — signed the document, alongside the US, the UK, Canada, Australia, France, Germany, Italy, Japan, Korea, Singapore, and the EU. POLITICO > * According to Sunak, AI models will be tested by the UK's AI Safety Institute — a continuation of entrepreneur Ian Hogarth's Frontier AI Taskforce. UKTN > * The UK's AI Safety Institute — chaired by Hogarth — is also set to work with the Alan Turing Institute, the US AI Safety Institute, and the government of Singapore. BusinessCloud > * Adherence to the deal is optional, with Sunak arguing that "binding requirements," while potentially necessary in the future, aren't currently needed — emphasizing a current priority of making sure tech firms are not "marking their own homework." Independent (LR: 2 CP: 3) > * The agreement followed the world's first international declaration on AI, titled The Bletchley Declaration, signed by 28 countries — including the US and China — warning of the "potential for serious" and "catastrophic" consequences from the technology and agreeing to build "respective risk-based policies." Euronews > > Narrative A: > > * Despite facing skepticism prior to the event, the UK's AI summit was a success. The ability in and of itself to simply mediate conversations between the likes of the US and China should be praised, let alone the signing of shared communications and declarations. The AI safety agreement is a landmark moment, allowing governments to ensure safety concerning the latest technology within the fast-growing sector. > POLITICO > > Narrative B: > > * The outcome of the UK's AI summit was nothing more than empty rhetoric, voluntary declarations, and self-promotion. Alongside a drastically small emphasis on the opportunity for good that AI's potential holds, the summit ignored the immediate urgency for international legislation. Despite likely plaudits, the UK missed an opportunity to really lead in the regulation of the AI sector. > UKTN > > Narrative C: > > * The UK's summit took a heavy approach to existential questions concerning doomsday AI predictions rather than the practical impact that AI may have on common workplaces and labor. The UK has demonstrated its strength as a leading force in the sector, however, such discourse between political, academic, and commercial elites is currently too narrow and leans too heavily upon the abstract threat of creating god-like intelligence. > CityAM > > Nerd narrative: > > * There is a 60% chance of a discussion in mainstream media concerning an AI arms race in March 2025, according to the Metaculus prediction community. > Metaculus (LR: 3 CP: 3)

cross-posted from: https://fedinews.net/m/ImproveTheNews/t/4654

> * The Bank of England (BoE) has decided to hold interest rates at 5.25% — its highest level in 15 years — as it warned that the UK economy was unlikely to see growth until 2025. BBC News > * The BoE's Monetary Policy Committee 6-3 decision is its second pause in a row after 14 consecutive rate hikes. In September, the bank voted 5-4 for its first rate halt since December 2021. Evening Standard > * In a statement following the decision, the MPC claimed that it would be "watching closely" to see if further rate increases were needed, also commenting that it was "much too early" to consider rate cuts. All three committee members who did not vote for a rate pause were in favor of a quarter-point rate increase to 5.5%. Independent (LR: 2 CP: 3) > * The BoE also estimated that UK inflation was to drop below 5% in October — with last month's data to be released at the end of November. BoE Governor Andrew Bailey claimed that "Higher interest rates are working and inflation is falling." Sky News > * Despite this, Bailey affirmed that there was "absolutely no room for complacency." Inflation's annual rate stood at 6.7% in the year to September, with the central bank claiming monetary policy would have to remain "sufficiently restrictive for sufficiently long" to hit its 2% target. CNBC > * The BoE's 2% target is forecasted to be reached at the end of 2025 — 6 months later than previously estimated. The decision by the BoE follows recent decisions both by the European Central Bank and the US Federal Reserve to also hold interest rates. Reuters (LR: 3 CP: 5) > > Pro-establishment narrative: > > * Decisions by the BoE will likely continue to be hard-fought within its committee as the central bank walks a tightrope between tackling inflation and avoiding a recession. So far, the UK has avoided the doomsday predictions for its economy, but challenges inevitably remain as estimates for targeted inflation levels remain deep into 2025. > Spectator (UK) (LR: 5 CP: 5) > > Establishment-critical narrative: > > * With growth slowing and unemployment rising, the decision to keep interest rates at their current level is a further signal of the UK government's stagnant and ineffective policymaking. The BoE lacks transparency over inflation modeling and its long-term plan, as job outlooks and quality of life continue to suffer. > Morning Star > > Nerd narrative: > > * There's a 50% chance that the UK's annual inflation rate for 2023 will be at least 6.99%, according to the Metaculus prediction community. > Metaculus (LR: 3 CP: 3)