Bank Of England Chief Economist Warns Of Disruptive AI Threat In "Fourth Industrial Revolution"

Meanwhile, the UK government's chair of the newly formed Artificial Intelligence Council, Tabitha Goldstaub, echoed Haldane's sentiment, warning of a "huge risk" of people being left without jobs that computers and robots have taken. She says that the challenge will be ensuring that people are prepared for the cultural and economic shifts - and that hte focus would be on creating "the new jobs of the future" in order to replace those at risk of robotic-replacement. 

Mr. Haldane told the BBC: "Each of those [industrial revolutions] had a wrenching and lengthy impact on the jobs market, on the lives and livelihoods of large swathes of society," adding "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.

"That heightened social tensions, it heightened financial tensions, it led to a rise in inequality. This is the dark side of technological revolutions and that dark-side has always been there."

"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."

That's a lot of words, but solutions are elusive

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