British banking giant Standard Chartered could cut more than 7,500 jobs and replace them with AI and automation. More broadly, analysis from Morgan Stanley has found that UK companies that had used AI for a least a year had net losses of 8% of jobs over only the last 12 months. This was the highest level among countries analysed.

Where’s the left’s vision?

AI and automation is actually an opportunity for progression. But the left needs an alternative vision for how the technology is implemented.

Speaking of the job losses, the CEO of Standard Chartered, which is Asia focused, said:

It’s not cost-cutting. It’s replacing in some cases lower-value human capital ​with the financial capital and the investment capital we’re putting in

“Lower-value human capital” is quite the way to view workers. But the chief executive does make the point that, with AI and automation, capital will essentially become labour. If one has the investment to automate, one has the labour.

Replacing menial jobs with AI and automation can be progress. It could liberate people, enabling them to be creative, establish skills they never had the time for, study, participate democratically and socialise.

But people need some kind of citizens’ dividend from robotic labour in order to survive with less hours or no job.

Study suggests AI netting job losses

In its analysis, Morgan Stanley found that the UK experienced the worst rate of net AI job losses in 2025, compared to other countries. Japan was second with net losses of 7%, then Germany and Australia with net losses of 4%.

So far, UK companies had an average productivity increase of 11.5%.

The research suggests that AI is not actually creating jobs at the same pace as it is replacing them. And the left needs a modern vision for the technology.

Featured image via Justin Sullivan/Getty Images

By James Wright

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