A recent report, ‘UK Economic Outlook July 2018’ by PWC predicts that artificial intelligent (AI) and related technologies will create as many additional jobs as are displaced because of it.
UK Economic Outlook
A quick summary of the economic report estimates that jobs in the UK, over the next 20 years that would be displaced by AI, will be around 20%. This would be equally balanced at 20% by the creation of new jobs. AI and related technologies include robotics and driverless vehicles. In the short-term UK economic growth is predicted to be modest at 1.6% in 2019, compared to 1.3% in 2018. This modest increase is due to the ‘drag on business investment’ caused by the uncertainty of Brexit negotiations. In 2018-19, the competitive value of the pound is helping to boost UK exports, inbound tourism and the service sector. However, the construction industry is experiencing a set back due to the reduced level of commercial property investment.
Increase in jobs
Over the next 20 years, the sectors that are most likely to be positively affected by an increase in jobs are:
- Health: +22%
- Professional, scientific and technical services: +16%
- Education: +6%
Decrease in jobs
The sectors that are most likely to be negatively affected by a decrease in jobs are:
- Manufacturing: -25%
- Transport and storage: -22%
- Public administration: -18%
Maximise the benefits of artificial intelligence
The economic report further pinpoints actionable areas to consider in order to help maximise the benefits of new technology which includes boosting research funding, ensuring productivity and cost gains are passed on to consumers and providing retraining opportunities for displaced workers.
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