Economy

Fourth Industrial Revolution Could Create Thousands of New Jobs

Fourth Industrial Revolution Could Create Thousands of New Jobs”

An independent review has called for greater support for the technologies that could bring the "fourth industrial revolution", with warnings that the United Kingdom is falling behind other nations.

However, a new report that has been released by a group of some of the country's leading companies has highlighted the benefits that are being offered by robotics, 3D printing, virtual reality and artificial intelligence.

According to recent claims, the advent of advanced digital technology could lead to a huge boost in UK's manufacturing industry.

The report, Made Smarter, brought together executives from companies such as Rolls Royce, GKN and IBM, with representatives from small firms as well as academics from the universities of Newcastle and Cambridge.

Juergen Maier said that Britain must embrace and fund what is being called "Industry 4.0", or the fourth industrial revolution.

It has been reported that almost 200,000 jobs could be created in the manufacturing industry over the course of the next 10 years as a part of the "fourth industrial revolution".

He recommends Government support through tax incentives for manufacturing firms as well as the creation of 12 hubs for innovation, as part of a UK-wide programme that would see startups work with larger, more-established firms. He stated that the United Kingdom needed to "catch up with worldwide competitors". Publication of a government white paper is expected before Christmas.

Business Secretary Greg Clark said that in order for the United Kingdom manufacturing sector to become a global leader, "Government and industry must work together to seize the opportunities that exist in this sector and promote the benefits of adopting emerging digital technologies, as well as cutting edge business models". "Government and industry must work together to seize the opportunities that exist in this sector and promote the benefits of adopting emerging digital technologies, as well as cutting edge business models".

While many commentators and analysts have warned that automation and AI could lead to the large-scale destruction of jobs, Professor Maier outlines the potential technology has for making positive impacts on the economy. If taken up, the proposals would contribute an additional 3% to annual growth in manufacturing, Maier said.

The proposals were backed by CBI director-general Carolyn Fairbairn, who warned that the United Kingdom was facing intense global competition. "I urge the government to consider these plans carefully, as they are focused on increasing productivity and wages, especially in smaller businesses".



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