Over half of UK big firms plan to cut jobs with AI next year, survey finds

Deloitte's latest survey shows that while AI adoption is still in its early days, 52% of CFOs at big UK companies expect to cut jobs with the technology next year. 67% say they've only achieved a quarter of the change they expected from AI.

The report confirms the UK is seeing jobless growth. High labor costs mean companies no longer hire much as they expand. Long-term unemployment keeps rising, and youth joblessness has hit a decade high. UK AI minister Narayan promised that ordinary workers won't bear the cost of the AI revolution alone.

Still, only one in three CFOs believes AI will boost profit margins next year. Deloitte surveyed 66 CFOs from FTSE 100 and FTSE 250 companies. Multiverse, a London training platform, also found companies keep spending more on AI tools without training staff, so the investment goes to waste.