The result would be huge productivity gains as more work could be done by fewer people – but also mass layoffs as traditionally labour-intensive construction projects hire fewer and fewer staff. “We’re moving into the era of the robots,” said Alison Carnwath, the chairman of Land Securities, the £8.2bn FTSE 100 construction company. Speaking at the Institute of Directors’ annual convention, the veteran businesswoman said the pace of technological change has taken her by surprise.
“Five years ago I’d have smiled wryly if somebody had said to me that robots would be able to put up buildings in the City of London – I tell you we’re not that far off, and that has huge implications,” she said. The adoption of robotics and other new technologies could give parts of the economy a radical boost, as economists and politicians have sought ways to boost productivity, which is key to increasing wages and prosperity. READ MORE