Swathes of people facing losing jobs in 'dark side' of robot revolution

Daily Mail

Britain faces the threat of social unrest as robots take'swathes' of jobs, the Bank of England's chief economist warned today. Andy Haldane said the so-called Fourth Industrial Revolution will see'the machine replacing humans doing thinking things'. He cautioned that the'dark side' of the change could be disruption on a much bigger scale than in Victorian times, with professions such as accountancy among those at risk. The stark message came amid calls for a massive skills drive to find employment for those set to be affected by the next wave of automation. In an interview with BBC Radio 4's Today programme, Mr Haldane said: 'The first three industrial revolutions have been about largely machines replacing humans doing principally manual tasks, whereas the fourth will be different.


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. 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 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. 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 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.


Who's afraid of AI? Professional workers are ready to embrace it! - Information Age

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Fears that AI may destroy jobs don't seem to be resonating with professional workers in the office – at least various surveys find that around two thirds aren't worried. As for companies, they foresee some very specific areas where AI will come in handy. But is there too much complacency on this one? If the Chief Economist of the Bank of England is right, then there is. "You don't have to be mad to work here, but it helps," or so people have been saying for a very long time.