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Reality Check: Is public sector pay higher than private sector?

BBC News

Reality Check verdict: It is a difficult comparison to make, but IFS calculations suggest that Lord Lamont is probably right. However, in recent years private sector pay has been growing faster than public sector pay and the gap between public and private pay is expected to continue to narrow in the coming years if current government policies are implemented. Former chancellor Lord Lamont was on Radio 4 on Monday morning championing the case for continued pay restraint. He pointed out that public sector pay in Great Britain is above private sector even taking into account qualifications. The point about qualifications is important, because jobs in the public sector tend to require higher qualifications.


Experts Predict Artificial Intelligence Will Wipe Out More Than 50% Of Jobs In Banking Sector - Latest Hacking News

#artificialintelligence

According to industry experts advances within artificial intelligence and automation will wipe out more than 50% of the jobs in the financial sector in the next 10 years however it is going to take some big investments to achieve automation at that scale. James D'Arezzo, CEO of Condusiv Technologies said, "Unless banks deal with the performance issues that AI will cause for ultra-large databases, they will not be able to take the money gained by eliminating positions and spend it on the new services and products they will need in order to stay competitive," he said. He also thinks that while hardware upgrades often solve these problems this comes hand in hand with sometimes inordinate expense with the Tokyo Institute of Technology Global Scientific and Computing Center as an example of this. The centre is on the verge of developing a supercomputer to meet the demands of artificial intelligence and big data applications. At the current cost of hardware, it would take around $50 – $100 Million dollars to build the supercomputer.


Experts Predict Artificial Intelligence Will Wipe Out More Than 50% Of Jobs In Banking Sector - Latest Hacking News

#artificialintelligence

According to industry experts advances within artificial intelligence and automation will wipe out more than 50% of the jobs in the financial sector in the next 10 years however it is going to take some big investments to achieve automation at that scale. James D'Arezzo, CEO of Condusiv Technologies said, "Unless banks deal with the performance issues that AI will cause for ultra-large databases, they will not be able to take the money gained by eliminating positions and spend it on the new services and products they will need in order to stay competitive," he said. He also thinks that while hardware upgrades often solve these problems this comes hand in hand with sometimes inordinate expense with the Tokyo Institute of Technology Global Scientific and Computing Center as an example of this. The centre is on the verge of developing a supercomputer to meet the demands of artificial intelligence and big data applications. At the current cost of hardware, it would take around $50 – $100 Million dollars to build the supercomputer.


Artificial intelligence can make America's public sector great again

#artificialintelligence

Senator Maria Cantwell, D-Wash., just drafted forward-looking legislation that aims to establish a select committee of experts to advise agencies across the government on the economic impact of federal artificial intelligence. The move is an early step toward formalizing the exploration of AI in a government context. But it could ultimately contribute to jump-starting AI-focused programs that help stimulate the United States economy, benefit citizens, uphold data security and privacy, and eventually ensure America is successful during the initial introduction of this important technology to U.S. consumers. The presence of legislation could also lend legitimacy to the prospect of near-term government investment in AI innovation -- something that may even sway Treasury Secretary Steve Mnuchin and others away from their belief that the impact of AI won't be felt for years to come. Indeed, other than a few economic impact and policy reports conducted by the Obama Administration -- led by former U.S. Chief Data Scientist DJ Patil and other tech-minded government leaders -- this is the first policy effort toward moving the U.S. public sector past acknowledging its significance, and toward fully embracing AI technology.