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17 Sep 2015 11:26am

UK economy profits from automation of jobs

The increasing automation of work has raised £140bn in the UK economy, according to Deloitte

It is estimated that 800,000 high-risk, routine jobs have been lost since 2001. These include personal assistants, typists and bank and post office clerks.

However, 3.5m low-risk jobs have been created in the last 15 years, showing that the UK is benefiting from the technology-driven shifts in its economy.

After analysing ONS labour data, Deloitte found each job created in one of the fast-growing, lower-risk occupations pays £10,000 more than the higher-risk job they replace.

As a result, the firm suggests, these new jobs have contributed a net £140bn in value to the UK economy.

The increase in low-risk jobs has been more dominant in London and the South East, rising 46.6% and 41% respectively.

Furthermore, care home workers, teaching assistants, business and financial project managers created the largest boost to employment in the last 15 years.

Deloitte’s head of analytics research, Harvey Lewis, said, “The data show strong evidence that the changes in the UK labour market are linked to advances in technology and the shifts we expect to see in the next 20 years as automation takes hold.”

However, as Deloitte vice chairman Angus Knowles-Cutler said, the UK cannot afford to be complacent. And he urged businesses, educators and government to work together to ensure young people enter the workforce with the skills suited to the jobs of tomorrow.

Jessica Fino

 

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