Bank warns on AI jobs threat

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The chief economist of the Bank of England has warned that the UK will need a skills revolution to avoid "large swathes" of people becoming "technologically unemployed" as artificial intelligence makes many jobs obsolete. Andy Haldane said the possible disruption of what is known as the Fourth Industrial Revolution could be "on a much greater scale" than anything felt during the First Industrial Revolution of the Victorian era. He said that he had seen a widespread "hollowing out" of the jobs market, rising inequality, social tension and many people struggling to make a living. It was important to learn the "lessons of history", he argued, and ensure that people were given the training to take advantage of the new jobs that would become available. He added that in the past a safety net such as new welfare benefits had also been provided.


Bank warns on AI jobs threat

#artificialintelligence

The chief economist of the Bank of England has warned that the UK will need a skills revolution to avoid "large swathes" of people becoming "technologically unemployed" as artificial intelligence makes many jobs obsolete. Andy Haldane said the possible disruption of what is known as the Fourth Industrial Revolution could be "on a much greater scale" than anything felt during the First Industrial Revolution of the Victorian era. He said that he had seen a widespread "hollowing out" of the jobs market, rising inequality, social tension and many people struggling to make a living. He also argued that it was important to learn the "lessons of history" and ensure that people were given the training to take advantage of the new jobs that would become available. He said that in the past a safety net such as new welfare benefits had also been provided.


Bank of England economist warns thousands of UK jobs at risk from robots and AI

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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 facing unemployment due to new technology. Mr Haldane told the BBC that the "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. "That heightened social tensions, it heightened financial tensions, it led to a rise in inequality.


Bank of England urges skills revolution to counter AI 'dark side'

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The Bank of England has weighed into a debate on the looming impact of AI on our lives, most pertinently the jobs market, by calling for a skills revolution to prevent sections of society from becoming'technologically unemployed'. The bank's chief economist, Andy Haldane, issued his call to action with a prediction that the coming Fourth Industrial Revolution will be of a'much greater scale' than the industrial revolution Britain underwent in the late 18th and early 19th centuries. Haldane fears that a failure to adapt to these changes in good time could augur a period of rising inequality, social tension and a'hollowing out' of employment, and argues for new training to be put into place now to prevent such an eventuality from coming to pass. Speaking to the BBC's Today programme, Haldane said: "This is the dark side of technological revolutions and that dark-side has always been there. "That hollowing out is going to be potentially on a much greater scale in the future, when we have machines both thinking and doing - replacing both the cognitive and the technical skills of humans."


Artificial intelligence poses great 'threat' to manual jobs

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The chief economist of Bank of England, Andy Haldane alerted that the UK will need to avoid "large swathes" of people becoming "technologically unemployed" as a result of using artificial intelligence across industries. Haldane said: "Each of those [industrial revolutions] had a wrenching and lengthy impact on the jobs market, on the lives and livelihoods of large swathes of society," Mr Haldane told me for the Today Programme. "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. "That heightened social tensions, it heightened financial tensions, it led to a rise in inequality. "That hollowing out is going to be potentially on a much greater scale in the future, when we have machines both thinking and doing--replacing both the cognitive and the technical skills of humans."