- Posted by admin@FC
- On 2nd June 2016
The Bank of England’s chief economist, Andy Haldane, has warned that artificial intelligence and machines have the potential to make a huge number of jobs obsolete, with thousands of UK workers at workers facing unemployment due to new technology.
Mr Haldane told the BBC that the so-called “Fourth Industrial Revolution” would be on a “much greater scale” than the previous three, and said the UK will need a skills revolution to avoid unemployment on a mass scale.
He said that previous industrial revolutions had “a wrenching and lengthy impact on the jobs market, on the lives and livelihoods of large swathes of society”.
“Jobs were effectively taken by machines of various types, there was a hollowing out of the jobs market, and that left a lot of people for a lengthy period out of work and struggling to make a living,” he said.