Mark Carney warns robots could steal 15m jobs from Brits as roles could be taken over by machines with some professions just disappearing
He stressed the 'machine age' would hurt lowest earners the most
ROBOTS could steal 15 million jobs from hard-working Brits, the Bank of England governor warned last night.
Mark Carney told how many roles would be taken over by machines with whole professions simply disappearing, as his chief economist warned last year.
In an alarming speech, he also told how Britain was facing its first “lost decade” of economic growth since the 1860s.
The Governor, speaking in Liverpool, warned of the growing inequality of wealth in the UK, but denied his Bank’s policies were to blame.
Mr Carney said millions of jobs, particularly middle-class ones, would face “hollowing out” as technological advances meant robots can increasingly do our jobs.
Admin, clerical and production jobs are most at risk – but entire lines of work, such as accountancy, could also go.
He claimed “up to 15 million of the current jobs in Britain” – almost half of the current 31.8million workforce – could go.
The Governor said a “machine age” would particularly hurt those on lower incomes.
He went on: “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.”
Responding to the Bank's report Acting Science and Technology Committee Chair Dr Tania Mathias blasted the government in October for "lacking" in leadership over the threat posed by robots.
Dr Mathias also said ministers must set up a commission to scrutinise AI systems and to encourage debate.
Acting Science and Technology Committee Chair Dr Tania Mathias said artificial intelligence would “fundamentally” change the way we live and work and that ministers were failing to ensure education and training was up to scratch to create new jobs to replace those that could be lost.
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Speaking at Liverpool John Moore University, Mr Carney also talked of how Britain had suffered economically since the financial crash of 2008.
He said it was "incredible" real incomes had failed to rise in the last 10 years.
In his first public speech since Donald Trump won the US election, he talked of a growing sense of “isolation and detachment” among ordinary folk who feel left behind by “globalisation”.
He said, specifically about the UK: “The picture in the UK is complex but in general suggests relatively stable but high levels of overall inequality with sharper disparities emerging in recent times for the top 1 per cent.
“When combined with low growth of incomes and entrenched in intergenerational inequality, it is no wonder that many question their prospects.”
He said millennials, Brits reaching adulthood around the year 2000, were among the hardest hit - earning around £8,000 a year less in their 20s than their predecessors.
It was only Mr Carney’s second major public speech since the Brexit vote on June 23.
Since then its Monetary Policy Committee (MPC) has voted to halve the interest rate to 0.25 per cent - and pump more cash into the economy through quantitative easing.
In a speech in September, Prime Minister Theresa May appeared to criticise the Bank’s monetary policy.
But Mr Carney defended its stance last night, saying: “Monetary policy will continue its good work as the UK economy adjusts to new opportunities with Europe and the rest of the world.
“In the end, monetary policy isn’t a spectre but a friendly ghost.”
He denied claims the Bank’s policies had disproportionately hurt savers, but helped the asset rich.
The Governor added: “Has monetary policy robbed savers to pay borrowers? Has the MPC been Robin Hood in reverse? In a word, no.”
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