The eyes of the world will be on this increasingly powerful technology as the UK holds a global AI safety summit in November.

However, early signs indicate the discussions will lack ambition.

First we suggest how, rather than merely focussing on harms, governments should outline a positive vision for how AI can help create public value. Second, we assess potential structural harms to the economy, such as subtle ways of consumer deception and runaway market dominance of a small number of players, squeezing value creating innovation by smaller firms in the real economy.

Finally, we propose the establishment of an Advanced AI Monitoring Hub, a technically specialised agency that is given oversight access to what is deemed ‘systematically important AI infrastructure’.