You are here: Home - Household Bills - News -

Carney: Up to 15m British jobs could eventually be automated

Written by:
Industries must commit to the continual reskilling of workers to offset the risks that globalisation and technological advances pose to job safety, Bank of England governor Mark Carney has warned.

In a speech at Liverpool John Moores University, Carney said some 15 million current jobs held by British workers could be lost to new technology over time.

On global trade, Carney said while countries were often made better off, the benefits were generally spread unequally across individuals and time; with some workers losing jobs and suffering from lower wages.

In contrast to Chinese workers, of which 70% think trade creates jobs and increases wages, Carney explained that US workers felt the opposite, with sentiment among UK workers vague.

Carney added: “People’s attitudes towards trade shocks are being hardened by the effects of accelerating technological innovation.

“The fundamental challenge is that, alongside its great benefits, every technological revolution mercilessly destroys jobs and livelihoods – and therefore identities – well before the new ones emerge.

“The combination of open markets and technology means that returns in a globalised world amplifies the rewards of the superstar and the lucky. Now may be the time of the famous or fortunate, but what of the frustrated and frightened?” he said.

To address these risks, Carney suggested the world economy needs a globalisation that works for all, through the redistribution of gains from trade and technology and re-skilling of all individuals.

Online marketplaces such as Alibaba and etsy could help small-scale producers and service providers benefit directly from global markets, he added.

Carney said: “Global free trade for SMEs, connected via such platforms, holds out the prospect of a more inclusive form of global commerce with the individual at its centre.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

  • RT @YourMoneyUK: Government plans cut to minimum shared ownership stake
  • RT @WeareJust_PR: “Families tend not to talk about money and death. But if we don’t talk about these themes it becomes very hard to make pr…
  • RT @RoyalLondon: Voluntary NI contributions to state pensions have risen - @stevewebb1 hails this as “great news that the message is gettin…

Read previous post:
The one top tip for investors in 2017: ‘go niche’

Investors should ‘rethink the obvious’ and consider more niche equity and bond opportunities next year, according to one investment expert.