Lloyds finds more than half of UK businesses say AI has created new jobs

More than half of UK businesses believe AI has created new jobs within their organisations, according to new research from Lloyds.

The latest Lloyds Business Barometer found that 54 per cent of businesses believe AI has created new roles, while 58 per cent plan to increase investment in AI skills over the next year.

The bank said its research indicates that businesses are increasingly viewing AI as a driver of growth and competitiveness, but many still face challenges in developing the skills needed to make the most of the technology.

While 54 per cent of firms believe their workforce already has the AI skills required, almost a third said employees do not. To address this gap, 43 per cent plan to introduce AI skills training, 32 per cent intend to expand existing training programmes, 24 per cent are placing greater emphasis on AI skills when recruiting, and 21 per cent expect to create new AI-specific roles.

Among businesses planning to increase AI investment, 42 per cent expect to spend between £25,000 and £100,000 on upskilling employees while 26 per cent anticipate investing between £100,000 and £250,000.

Some 61 per cent of businesses surveyed said they currently use AI. Lloyds found adoption was higher among internationally focused firms, with 63 per cent using the technology compared with 46 per cent of businesses operating only in the domestic market.

The survey also found that businesses increasingly see AI as essential to remaining competitive. Nearly six in 10 firms said organisations that fail to adopt AI risk falling behind competitors. That figure rose to 61 per cent among internationally active businesses, compared with 46 per cent of domestic-only firms.

Among businesses with turnover above £10 million, 73 per cent said failing to adopt AI would leave companies at a competitive disadvantage, compared with 54 per cent of firms with turnover below £1 million.

Despite growing adoption, Lloyds said businesses continue to face obstacles in extracting value from AI. The most commonly cited barriers were cost, identified by 18 per cent of respondents, followed by data quality and access to AI skills, both mentioned by 17 per cent.

Amanda Murphy, chief executive of business and commercial banking at Lloyds, said that businesses need to build the skills and culture to use AI effectively and see a meaningful advantage in innovation.

“AI has the potential to be as transformative for businesses as the internet was a generation ago,” she added. “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.”

Lloyds said it is also expanding its own AI capabilities. Earlier this year, the banking group announced plans to create more than 1,000 AI-related roles during 2026, including almost 300 focused on agentic AI.

The bank added that its employees have completed more than 400,000 AI Academy courses since January, with more than 65,000 colleagues undertaking training on the responsible use of AI.