The Bank of England governor has called for international cooperation to tackle growing AI threats, warning that the US and Trump administration would not be able to achieve their ambitions alone.
Andrew Bailey’s comments come weeks after the US president, Donald Trump, temporarily banned foreigners from using Anthropic’s powerful Claude Mythos model.
Speaking to the Guardian before a speech to financial bosses at the annual Mansion House dinner in London, Bailey said governments around the world must join forces to ensure bad actors did not get hold of powerful – and potentially destabilising – digital tools.
“We’ve got to get better international understandings of how we deal with the introduction of frontier AI,” Bailey said, arguing this would require stronger coordinated testing to ensure AI models were safe to put into wider circulation.
The Trump administration has already frustrated allies seeking a joint approach, having temporarily banned the American AI company Anthropic from letting foreigners use some of its most powerful models, including Claude Mythos, which experts have warned pose potential threats to cyber defences.
While the ban was lifted just weeks later, Bailey said the US should be mindful that it may not be able to secure itself against growing cyber threats, or set up robust recovery plans, without global cooperation.
“The US can’t achieve what it sensibly wants to achieve, in terms of strengthening defences, on its own because it is a highly interconnected system,” he said.
He elaborated on that point in his speech to City bosses on Tuesday, saying: “No country can seal itself off from the cross-border nature of systems that are prevalent today.”
Bailey’s call for action on AI came alongside a defiant Mansion House speech from the chancellor, Rachel Reeves, as she prepares to exit the Treasury. In what is likely to be one of her last set-piece appearances, Reeves defended her record and warned her successor not to squander the “platform of stability” she had created.
“The record of the last two years makes clear that governments can achieve that [radical] change only when they combine radicalism with credibility,” she said.
“I had to earn that credibility in opposition, and I have proven it in government in every action that I have taken since I became chancellor. That hard-won credibility must be sustained and the foundations maintained if this work … is to continue.”
Andy Burnham is set to be confirmed as Labour leader on Friday, and to take over as prime minister next week. He is widely expected to appoint a new chancellor.
Reeves cited a string of statistics that she said proved she had made the right choices in her two years in post.
“Last year, borrowing fell from 5.2% to 4.2% of GDP – its lowest level in six years. Investment is up, productivity is up, and wages are up too. Waiting lists are falling faster than at any time in the last 17 years and half a million children will be…
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