In an interview with ADAPT’s Head of Programs & Value Engagement Byron Connolly, UK barrister Iona Levine discussed AI’s societal risks, job loss, and the need for global regulation.

The AI revolution is beginning to resemble The Hunger Games, with jobs disappearing across the knowledge economy.

Iona Levine, a UK-based barrister specialising in financial services law and regulation, and founding member of Minerva Chambers, warns that automation is reshaping society in ways governments are not ready for.

“Through my work in emerging markets for reconstruction and development banks, one of the things that has been really important in how to stabilise and build a democratic society [is that] you need a strong middle class, you really do,” Iona says.

“There won’t be a middle class because everybody’s going to be scrabbling for the same jobs.”

She describes AI’s disruption vividly:

“It’s a bit like where you put a tablecloth down and put lots of different glasses of water on it. Then, you pull the tablecloth to see if the glasses of water are standing. I’m afraid that this sort of AI revolution in society is going to mean that we rip the tablecloth away and spill lots of water.”

Iona adds that algorithms are already deciding “nobody over the age of 45 is worthy of an interview,” leaving many professionals excluded from work.

 

A call for global regulation

Iona argues that AI must be regulated globally to prevent widening inequality.

“It [regulation] needs to be intergovernmental and it needs to be global,” she says.

“Billionaires are becoming bigger billionaires, and the middle class is being decimated.”

She supports strong legal frameworks like the EU AI Act, saying:

“Let’s just get it right; we should not have to rely on our courts because what we really should have with laws is certainty. Everybody needs certainty – therefore, I am in favour of really regulating and I’m in favour of global-style regulation as well.”

Dismissing fears that regulation stifles innovation, she adds, “Anybody who is saying that is probably the one who wants to sell it.”

 

Balancing jobs and prosperity

Iona suggests that as AI reshapes the economy, governments should adopt a “one-in, one-out” jobs policy to maintain balance. “Let’s see if this works…if there’s real transparency,” she says.

If that fails, she believes displaced workers must be compensated.

“The biggest growth area in the UK is crime. Why? Because people can’t get a job so that already destabilises society. So, how do we roll it back and give people real jobs?”

She argues that citizens should share in AI’s wealth:

“If there are benefits, let’s redistribute it. Let’s not give it to the billionaires who don’t need any more money.”

 

AI in law: promise and caution

After more than four decades in law, Iona notes that AI’s impact across the profession has been uneven.

Many lawyers remain cautious about relying on generative tools that can produce inaccurate or fabricated references.

She stresses that until these issues are fully resolved, human oversight and verification will remain essential in legal practice.

Read our full interview with Iona Levine for more on AI’s societal impact, global regulation, and why she believes the middle class is at risk.

Contributors
Iona Levine Barrister and Co-Founder at Minerva Chambers
Iona Levine is a lawyer who specialises in financial services law and regulation and one of the original founders of London-based barristers... More

Iona Levine is a lawyer who specialises in financial services law and regulation and one of the original founders of London-based barristers set, Minerva Chambers.

In recent years, Iona has worked on an inquiry into fraud and corruption at a major UK bank and has done a lot of work to help build financial markets infrastructure in countries such as Lebanon, Dubai (she helped to set up the original Dubai International Financial Exchange which was subsequently bought by NASDAQ), Kazakhstan and Mongolia.

Iona also worked to reconcile differences between the US Dodd-Frank program – a set of regulations that were enacted to reform the US financial system after the 2008 global financial crisis – and the EU legislative program. She is a former group general counsel of a key piece of financial markets infrastructure (now owned by the London Stock Exchange) and was one of the first lawyers in London to put Lehman’s into default.

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Byron Connolly Head of Programs & Value Engagement at ADAPT
Byron Connolly is a highly experienced technology and business journalist, editor, corporate writer, and event producer, and ADAPT’s Head of Programs and... More

Byron Connolly is a highly experienced technology and business journalist, editor, corporate writer, and event producer, and ADAPT’s Head of Programs and Value Engagement.

Prior to joining Adapt, he was the editor-in-chief at CIO Australia and associate editor at CSO Australia. He also created and led the well-known CIO50 awards program in Australia and The CIO Show podcast.

As the Head of Programs, Byron creates valuable insights for ADAPT’s community of senior technology and business professionals, helping them reach their organisational and professional goals. With over 25 years of experience, he has a passion for uncovering stories about the careers and personal philosophies of Australia’s top technology and digital executives.

When he is not working, Byron enjoys hot yoga, swimming, running, and spending time with his family.

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