Future governments in Britain will require policies to regulate the threat of robots replacing half of the country’s jobs presently done by humans, a report has warned.
Growth in robotic technology and artificial intelligence (AI) imply that in the next 10 to 20 years, 44 percent of jobs may be automated and that machines will yield earnings of £290bn, one third of the prevailing UK Gross Domestic Product (GDP).
The number was the decision of a report by the Institute for Public Policy Research (IPPR), which stated that automation would take over parts of the United Kingdom, like the North East of England and Northern Ireland.
And this automation will largely affect the low-skilled sector of the economy.
The Guardian, in a report released in April this year stated that more than 10 million jobs in UK which constitute a third of the total jobs is thought to be at risking the next 20 years which required IPPR to start taking proper measure at this time.
Picking on four sectors alone- retail, hospitality, transport and manufacturing – more than 5 million jobs are at risk.
Apart from the sectors mentioned above Agriculture, food processing and administration have high tendency of being automated, as jobs in education, information and communication sectors pose to be the safest.
While United Kingdom business will gain from automation, there’s this worry that only a small amount of investors and very skilled workers would enjoy it.
The report stated new kind of company ownership, such as a “citizens’ wealth finance”, may be required, as owners of asset would get more profit when the worry of paying workers’ salaries is no more there.
Several jobs would be reallocated instead of being eliminated, Carys Roberts, One of the report’s authors stated
“Some people will get salary increase as others will be stuck in low-pay, low-productivity sectors. To prevent rise of inequality, the government should explore ways to diffuse capital ownership and ensure each and everyone gains from rising automation.”
Mathew Lawrence, top research partner for the IPPR, said there needs to be caution that the economic benefits of automation didn’t only aid the few.
“If managed well, although, with a plan to raise technologies acquisition in the daily economy and new kind of ownership to diffuse the benefits, automation may assist in creating a future of shared economic plenty,” he mentioned.
A spokesperson for the Department for Business, Energy and Industrial Strategy told the Guardian that the government needed “to take the chance to overcome the barriers” from automation.
“Government is working intimately with industry to make sure the advantage of new technologies are spread across various sectors of the economy, while designing new high-skill, good-salary jobs,” the BEIS said.