AI News, Bank of England economist warns thousands of UK jobs at risk from robots and AI

Bank of England economist warns thousands of UK jobs at risk from robots and AI

The Bank of England’s chief economist, Andy Haldane, has warned that artificial intelligence and machines have the potential to make a huge number ofjobsobsolete, with thousands of UK workersfacing unemployment due to new technology.

This is the dark side of technological revolutions and that dark side has always been there.” Mr Haldane added: “That hollowing out is going to be potentially on a much greater scale in the future, when we have machines both thinking and doing – replacing both the cognitive and the technical skills of humans.” The economist said some jobs will be created as a result of the new technology, with roles that focus on human interaction, face-to-face conversation and negotiation becoming more important, while simple manual jobs will bemore at risk.

Bank of England economist warns thousands of UK jobs at risk from robots and AI

The Bank of England’s chief economist, Andy Haldane, has warned that artificial intelligence and machines have the potential to make a huge number ofjobsobsolete, with thousands of UK workersfacing unemployment due to new technology.

This is the dark side of technological revolutions and that dark side has always been there.” Mr Haldane added: “That hollowing out is going to be potentially on a much greater scale in the future, when we have machines both thinking and doing – replacing both the cognitive and the technical skills of humans.” The economist said some jobs will be created as a result of the new technology, with roles that focus on human interaction, face-to-face conversation and negotiation becoming more important, while simple manual jobs will bemore at risk.

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Bank of England's chief economist warns A.I. could threaten ‘large’ amount of jobs

The Bank of England's Chief Economist Andy Haldane warned on Monday that the rise of artificial intelligence (AI) threatens to replace a huge number of jobs.

The First Industrial Revolution, which took place during the Victorian era, transformed Britain's economy, leading to the creation of ground-breaking industrial innovations including the steam train and advanced machine tools, all the while resulting in layoffs especially in industries like textiles.

Some commentators — particularly within the tech industry — argue that the introduction of a universal basic income will be necessary to offset the effects of mass job losses.

Finland had trialed the scheme, which promotes a universal welfare system in place of all existing benefit programs, but earlier this year said it would not extend the program and end payments to recipients at the start of 2019.

AI will cause 'technological unemployment'

Artificially intelligent machines that have both cognitive and technical skills could cause massive and lengthy unemployment in the future.

Haldane said that an even greater number of new jobs will need to be created in the future to avoid the potential of a longer-term issue he called 'technological unemployment', saying that the scale of job loss displacement is likely to be at least as large as that of the first three industrial revolutions.

'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.

Going further to the other side, Matt Walmsley, EMEA director at Vectra, believed the issue of AI's impact in the workplace is more complex and will ultimately be an enabler for people to take up new roles because of the technology's dependence on data.

Bank of England chief economist warns AI will kick us out of jobs

Artificially intelligent machines that have both cognitive and technical skills could cause massive and lengthy unemployment in the future.

Haldane said that an even greater number of new jobs will need to be created in the future to avoid the potential of a longer-term feature he called 'technological unemployment' saying that the scale of job loss displacement is likely to be at least as large as that of the first three industrial revolutions.

'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.

Going further to the other side, Matt Walmsley, EMEA director at Vectra, believed the issue of AI's impact in the workplace is more complex and will ultimately be an enabler for people to take up new roles because of the technology's dependence on data.

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