Lloyds Business Barometer: Over Half of UK Firms Say AI is Creating New Jobs

UK businesses are shifting their perception of artificial intelligence from a speculative tool to a primary driver of employment and growth. New data indicates that 54% of firms credit AI with creating new jobs, signaling a critical transition for fintech leaders who must now balance rapid technology adoption with significant workforce upskilling investments.

What was announced

Research from the Lloyds Business Barometer reveals a significant acceleration in AI adoption across the UK private sector. Currently, 61% of firms report using AI, though a clear divide exists based on scale and market reach. Adoption is highest among larger organizations, with 79% of businesses boasting a turnover above £10m utilizing the technology. In contrast, domestically focused firms show a lower adoption rate of 46% compared to 63% for those operating internationally.

Investment in human capital is becoming the next frontier for these organizations. The study shows that 58% of businesses plan to increase spending on AI upskilling in the next year. Among those increasing their budgets, 42% expect to spend between £25,000 and £100,000, while 26% are earmarking between £100,000 and £250,000. Despite this, a skills gap remains; while 54% believe their workforce is prepared, 31% admit they currently lack the necessary AI competencies.

To bridge this gap, 43% of firms are introducing new training programs, and 21% are creating entirely new AI-specific roles. Productivity remains the primary motivator, cited by 74% of large firms. However, barriers persist, with businesses identifying costs (18%), data quality (17%), and access to specialized skills (17%) as the primary obstacles to maximizing the value of their AI deployments.

"AI has the potential to be as transformative for businesses as the internet was a generation ago. The businesses seeing the greatest benefit are treating it not simply as a technology investment, but as a catalyst for broader transformation across their organisation. Success will depend on more than access to technology. It will come from building the skills, culture and confidence to use it effectively. The businesses that can combine human ingenuity with the power of AI will create a meaningful advantage in productivity, innovation and growth. As adoption accelerates, the greatest challenge for many organisations may not be keeping pace with technology but ensuring they have the capabilities to adapt alongside it. Supporting businesses to navigate that transition will be critical if the UK is to fully capture the economic opportunity AI presents."

Amanda Murphy, CEO of Lloyds Business and Commercial Banking

The companies involved

Lloyds Banking Group is one of the UK’s largest financial services providers, maintaining a massive footprint through its core brands, including Lloyds Bank, Halifax, and Bank of Scotland. The Group also operates Citra Living Limited, focusing on the private rental sector. As a systemic player in the UK economy, the Group’s internal technology strategy often serves as a bellwether for the wider corporate landscape.

The Group is currently undergoing its own aggressive digital transformation. In June, it announced plans to create more than 1,000 AI-related roles by 2026, which includes nearly 300 positions focused on agentic AI. Furthermore, the Group is pioneering a Level 6 AI Engineering apprenticeship, one of the first of its kind for a UK bank. Internal training is already at scale; since January, staff have taken more than 400,000 courses through the Group's AI Academy, with 65,000 employees completing modules on the responsible use of AI. This internal push mirrors the trends identified in their broader business research, positioning the bank as both a researcher and a practitioner in the AI space.

What this means

The data suggests that the "AI will take our jobs" narrative is being replaced by a more nuanced reality where AI serves as a job creator, provided the workforce can adapt. For the fintech sector, the pressure is now on middle-market firms. While the largest players have the capital to build internal academies, smaller domestic firms are citing cost as a major barrier. We are likely to see a widening competitive gap between international firms that view AI as a "necessity" and smaller domestic players who risk falling behind. The focus for the next 12 months will shift from simple implementation to the quality of data and the availability of talent.