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The future economy is creeping up and it is evident that technical innovation is the main engine of aggregate economic growth, providing advanced living standards in the long term and boosting per capita income and consumption. The future of innovation, will cause a change in the nature of work, demolishing some professions within the labour market whilst creating new ones. Furthermore, many jobs and business industries will be affected as the value of certain new skills and new business opportunities emerge. As explained before, those highly educated with expert knowledge and skills in specific sectors of the economy can expect to see higher wages and increased employment conditions. History has offered important lessons on how technology interacts with the economy and the effects wish arise. If the pace of technology continues to accelerate at the same pace it has been in years past, society and the economy will need to prepare for higher short-term levels of unemployment.
According to a government report published in 2019, over £500 million is being invested in green technologies, in the hope of providing a cleaner and healthier future. The report states that the government have set out to abolish the sale of petrol and diesel vehicles by 2040. In addition, the treasury is set to launch a £400 million fund to bolster Britain’s electric vehicle, charging infrastructure, with the first £70 million allocated for 3000 charge stations. The Treasury also highlights that these improved rapid charge points can take as little as 20 minutes to recharge a family vehicle, compared to the existing technologies which recharge vehicles in a time frame, no less than 40 minutes. This improved short recharge time has made the reality of driving electric cars in the foreseeable future easier and more realistic for individuals across the country.
The Department for business, Energy and Industrial Strategy is also planning on undertaking vital investments into green technology, pushing forward approaches to remove greenhouse gases from the air. Over the next decade £22 million will be rolled out in order to minimise emerging indoor and outdoor pollutants, such as air fresheners and cleaning products, minimising the long-term effects on public health. Furthermore, by investing £47 million into cleaner food systems, there is also a hope to transform UK diets to be healthier, therefore decreasing obesity levels. In order to achieve this goal, sustainable changes must be made, in production, manufacturing, retail and consumption levels.
Looking back, who could have predicted that technological breakthrough would have transformed the NHS into what is described by doctors and health professions as a ‘different world’. Professor H. Stokes Lampard, predicts future GP surgeries will be more technically advanced than they are today. AI (artificial intelligence) is the new cutting edge of technology, best known for developing drugs to combat diseases and long-term illnesses. Furthermore, Professor stokes believes that biological technology will be the driver of the future NHS, as where the human brain fails, machines will take over, providing a more precise and efficient procedures.
Fintech revolution has been transforming the banking system as we know it, and it is rational to proclaim, bankers of the future will hold different characteristics of bankers today. The world bank reports that over the last 5 years 700 million individuals transferred from non-banking backgrounds to being banked. CitiBank UK estimates that over the next decade, 30% of banking jobs will disappear. This brings about serious consequences not only as a direct job loss but also in the related economy, as the government will have to roll out more benefits for those unemployed. As a result, taxes will be increased and tension will rise amongst tax paying citizens. However, reports show that Fintech is working with the government to formulate future policies and methods in which the broader community will adapt to the new innovative system.
In conclusion, by 2050 every industry of the economy will have been transformed by technical innovations, improving efficiency and economic welfare. It is important that the UK Educational System need to introduce Fintech to Financial and business courses, including coding and product and development. This is essential for the growth of our economy, as reports show that those who shape the future will hold specialist skills in creative analysing, designing and programming. The children who started education in 2015 will be a vital part of the labour force by 2030; will they be ready for the world of work? Similarly, the young people who have started working now, will retire by 2060. Do they have the skills and knowledge to prosper as technology advances within their chosen occupations?
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