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As the use of artificial intelligence (AI) becomes more widespread, the Bank of England's financial policy committee has grown increasingly concerned about the systemic threats posed by the broader adoption of AI.

The Bank of England was expected Thursday to keep its interest rate on hold for a second successive meeting, as Britain battles stubbornly high inflation and weak economic growth.

The pause comes after 14 consecutive increases as consumer prices in the UK rise less than expected.

After narrowly avoiding recession last year, the economy advanced 0.5 percent in January before flattening in February and sliding 0.3 percent in March, the Office for National Statistics said in a statement.

Change of control approvals by regulators typically can take up to 60 working days to secure in Britain.

According to some estimates, interest rate hikes can take up to 18 months to affect the economy. Thus, the ECB may want to pause and see how the recent interest rate hikes will impact the eurozone economy before its next move.

Andrew Bailey appeared on the Jobs of the Future podcast to discuss Bitcoin, the world's biggest cryptocurrency, and the future of blockchain technology, and said that he doesn't believe that Bitcoin is a practical means of payment. 

Bank of England Governor Andrew Bailey has expressed concern over rapidly emerging cryptocurrency assets, stating that they could be dangerous for regulated financial firms.

"It probably isn't a financial stability risk today but it has all the makings of something that could become one," Andrew Bailey said.

As the crypto market explodes in value, regulators worldwide are worried about a 2008 like global financial implosion. The latest being a Bank of England official, who likened the unregulated, interconnected, and leveraged crypto market to the subprime market before the Great Recession of 2008.

UK finance sector unsure of post-Brexit future

Fed Chairman Jerome Powell said the economy as we knew it, is over. Who will be the most impacted in the new normal?

UK businesses face 'devastating' new lockdown: CBI

UK economy to slump 9.8% this year on virus: IMF

U.S. stocks fell on Thursday as 1.2 million Americans filed for jobless claims last week

The central bank expects the U.K. economy to shrink by 9.5% this year

EY said UK economic activity may not return to 2019 levels until late 2024

Investors watch Britain's tailspin -- and brace for what might be the inevitable.

U.S. stocks were mixed on Thursday as initial jobless claims topped 1 million for 13th straight week

U.S. stocks fell on Thursday as initial jobless claims topped 1 million for 13th straight week

Bank’s asset purchase program now exceeds $900 billion

U.K. gross domestic product fell by 10.4% from February to April

The central bank has now cut rates twice since March.

Speculation is growing that the Bank of England will push interest rates below zero.

U.S. central bank officials have rejected negative interest rates.

U.S. stocks finished higher on Thursday although 3.17 million Americans filed for unemployment last week.

The Bank of England expects the U.K. economy to shrink by 14% this year.

U.S. stocks opened higher on Thursday although 3.17 million Americans filed for unemployment last week.

UK bank Lloyds says Q1 profit dives 60% on coronavirus