Britain’s competition regulator said today it will begin looking at the impact of artificial intelligence on consumers, businesses and the economy and whether new controls are needed on technologies such as OpenAI’s ChatGPT.

Although artificial intelligence (AI) research has been going on for years, the sudden popularity of AI apps like ChatGPT and Midjourney has put the spotlight on a technology that could revolutionize the way people work. businesses and society.

Governments around the world are now trying to find a balance through which they can assess and rein in some of the potential negative consequences of AI without stifling innovation.

Britain opted in March to split regulatory responsibility for AI between the bodies overseeing human rights, health and safety, and competition, rather than setting up a new body for the technology.

The Competition and Markets Authority (CMA) said it will begin work seeking to understand how fundamental models using large amounts of uncharacterized data are evolving, and to assess how they could be used in the future to complement various tasks.

CMA chief executive Sarah Cardell said in a statement that AI has invaded the public consciousness and is developing rapidly.

“It is critical that the potential benefits of this transformative technology are easily accessible to UK businesses and consumers while people remain protected, for example from false or misleading information,” he said.

The regulator will mainly discuss “the opportunities and risks” of the sector and “establish guidelines in order to support competition and protect consumers”, the CMA said in its statement.

The review in Britain follows inquiries taking place around the world, from Beijing to Brussels to Washington.

The United States is considering potential rules to regulate the technology, and digital policy ministers from the Group of Seven (G7) countries of the world’s most industrialized nations agreed last month to adopt “kidney-based” AI regulations that would at the same time maintain an open environment for the development of such technologies.

Italy, a G7 member, banned ChatGPT last month to investigate a possible breach of privacy rules. Although Italy later lifted the ban, the move inspired regulators in other European countries to launch investigations.

The European Union is again hoping to lead the way with ad hoc regulation of AI, as it did with the Personal Data Act.

The CMA, for its part, plans to publish its findings in September 2023.