Unfortunately, not every employer will be as keen to keep and develop their workforce in light of increasing automation. And there is some evidence that, particularly for blue-collar workers in the manufacturing industry, there will be job losses. Curiously, it was predicted this month that women will be less affected by increased automation – at least in the short term. The reason for this is simple: roles that are currently threatened by automation are mainly in the manufacturing and transport industry – which mostly dominated by men. Jobs in healthcare, education and other sectors are harder to automate.

Johann Rupert, head of the powerful Richemont luxury goods company whose brands include Cartier, Piaget and Dunhill, takes a bleak view of how the new technologies arising from artificial intelligence and robots will affect employment and social stability. Rupert says hundreds of millions of jobs will be lost as they are introduced. Existing social inequalities, on which the luxury industry thrives, will be reinforced, he says. If much greater structural unemployment results, the social fabric of developed societies will be torn apart by envy, hatred and social warfare as many middle class jobs are destroyed. That would make the luxury sector unsustainable.