"Science fiction is slowly becoming science fact," Tania Mathias, chair of the Science and Technology Committee said.
"Robotics and AI look destined to play an increasing role in our lives over the coming decades."
The committee's report urges the government to set up a commission to ensure AI enriches workers' lives in Britain, rather than destroy them.
"It is too soon to set down sector-wide regulations for this nascent field but it is vital that careful scrutiny of the ethical, legal and societal ramifications of artificially intelligence systems begins now," the report states.
"Government leadership in the fields of robotics and AI has been lacking. Some major technology companies — including Google and Amazon — have recently come together to form the partnership on AI."
The report expresses "disappointment" that the British government has still not published its digital strategy and urges it to "set out its plans for equipping the future workforce with digital skills we need."
However, Britain's Labour party recently launched an independent investigation into the so-called "fourth industrial revolution."
Labour Deputy Tom Watson, told the party's annual conference that the inquiry would look at the future of Britain's workforce; an announcement that was branded "ignorant" and "patronizing" by robotics expert and futurologist Ray Hammond.
"I understand why they may need to discuss the topic. But they're representing it as some kind of apocalypse," Mr. Hammond told Sputnik in a recent interview.
Mr. Hammond believes it's more likely that robots will free-up workers to do other jobs — rather than replicate them and take over jobs.
And peers sitting in the House of Lords in Westminster recently got on board the driverless cars industry to collect evidence on how useful autonomous vehicles could be on Britain's roads, rural industries and space exploration.
Meanwhile, the Science and Technology Committee of MPs remains concerned that the British government is still too reticent when it comes to embracing the robotic revolution.