Watch out! Bank warns that robots are coming

BUSINESSES are using robots to slash costs in the face of rising prices, the Bank of England has said.

As the cost of raw materials and manufactured goods rises due to sterling’s weakness, bosses want automation. In a report on business conditions, the Bank said firms were pushing ahead with efforts to limit rising energy, labour and materials bills.

‘That typically entailed investment in technologies such as renewables, robotics or enhanced business systems,’ it said. It comes after governor Mark Carney said in December that many traditional roles may be ‘hollowed out’ by technological advances.

Cheap EU labour has limited robotics but companies are expected to spend more on automation when free movement ends.