The UK government launched an initial review into AI to examine its impact on consumers, businesses and the economy, as concerns continue to mount about the technology’s rapid development.

In a statement, the Competition and Markets Authority (CMA) noted the government had instructed regulators to look into how development and deployment of AI can be supported against five principles: safety; transparency; fairness; accountability and governance; and contestability and redress.

Authorities will review foundation models including large language and generative AI, which have been thrust into the spotlight through mainstream popularity of ChatGPT, developed by OpenAI and backed by technology giant Microsoft.

The CMA explained the initial review will examine how competitive markets for foundation models and their use can evolve, explore the opportunities and risks these scenarios could create for competition and consumer protection, and produce guiding principles.

Sarah Cardell, CEO of the CMA, noted AI “has burst into the public consciousness over the past few months”, but had been on its radar for some time.

“It’s crucial that the potential benefits of this transformative technology are readily accessible to UK businesses and consumers while people remain protected from issues like false or misleading information,” she added.

To contribute to the review, the CMA is seeking views from stakeholders until 2 June and will then publish a report in September.

The UK’s review into AI comes as scrutiny around generative AI ramped significantly in the past week alone.

Geoffrey Hinton, a pioneer for the technology who worked at Google for more than a decade, quit the company due to fears about how quickly generative AI was entering the public sphere.

Hinton’s exit was followed by news the CEOs of Microsoft, Google and OpenAI have been summoned to meet with the US government today (4 May) to discuss their roles in ensuring responsible use of AI.