Banking giant Barclays has released a report that says that not only could investment in robotics and automation “safeguard” tens of thousands of jobs in the manufacturing sector, but it could also add £60 billion ($90.3 billion) to the British economy within a decade.
Detail within the report raises questions about what types of jobs would be saved, given that it also claims that automation would replace certain skills. Among the report highlights:
- Even a moderate increase of £1.24 billion in automation investment could raise the overall value added by the manufacturing sector to the UK economy by £60.5 billion.
- With this investment, UK manufacturing could grow to £191 billion in 2025, a £38 billion increase on the value of UK manufacturing today.
- This will safeguard 105,800 jobs across the economy – 73,500 of which would be in manufacturing.
- Currently 58% of British manufacturers already invest in automation, but 76% believe there are opportunities for further investment.
- The size and age of a manufacturing company appears to directly correlate to the level of investment made in robotics and automation.