Andrew Bailey warns G20 members about risk of cyber-disruption spreading ‘across jurisdictions’

The Bank of England’s governor, Andrew Bailey, has joined the throng of figures warning about the global risks posed by the most advanced artificial intelligence technology.

In a two-page letter sent to international finance ministers and central bank governors as part of his role as chair of the international Financial Stability Board (FSB), Bailey said “frontier” AI models were “showing increasingly sophisticated autonomy and problem-solving abilities, as well as threat capabilities”.

He said the models risked destabilising the “highly interconnected” global financial system via cyber-disruption that “can spread across jurisdictions”.

Bailey wrote to G20 finance ministers and central bank governors before their meeting in North Carolina, US, this week: “Recent developments have also highlighted to me that many jurisdictions do not have the protocols in place to manage the development, release, and deployment of advanced frontier AI models, heightening risks for the financial sector and beyond”.

His letter adds to alarm bells about AI that have been sounded by prominent technologists over the past few weeks – and mirrors his previous calls for international cooperation to tackle growing AI threats, when he told City bosses: “No country can seal itself off from the cross-border nature of systems that are prevalent today.”

Last month, a letter signed by 1,367 researchers and engineers at frontier AI labs – mainly OpenAI, Anthropic and Google DeepMind – also shone a light on the concerns of the engineers working on the technology every day.

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