Economists must listen to Bank of England warnings, says former banker
Economists must listen to Bank of England warnings, says former banker
The Bank of England has warned that low interest rates are putting the economy in danger from excessive borrowing that could lead the UK into another financial crisis, mirrored to that of 2008.
According to former investment banker for Societe Generale, Will Davies, economists must have a change of attitude, so that another financial meltdown is avoided.
Will said: “Economists need to update their modelling.
“Bizarrely, the economists keep churning out data saying the economy is about to bounce back to the good old days, while Bill Gates has warned people that because of the advancement in technology, many, many people are going to lose their jobs.
“It is the Amazonisation of the economy which is shredding jobs.
“The economy is having a knock-on effect on the High Street which is undergoing massive evolution. We simply aren’t going back to the good old days at all.
“There is no point making sure that mothers are in work by giving them more childcare money if this Amazonisation continues. These statistics that unemployment is going down will be redundant if economists aren’t careful.
Will is now a renowned property maintenance businessman and youth employment campaigner. He is the co-founder and managing director of aspect.co.uk, which offers bootcamp opportunities for the long term young unemployed.
