UK needs to change economic model to tackle poverty: Analyst
The United Kingdom and other developed nations in the West should change their economic models to address growing poverty in their nations, a political analyst in London says.
A recent report showing that more than four million children are living in poverty in the UK was a sign that Britain, the world’s fifth largest economy, has failed to balance the way money is generated in its economic cycle, Adam Garrie said in an interview with the Press TV on Tuesday.
“Obviously the report is very damning of the conditions, the economic conditions on the ground,” Garries said.
“The problem itself is symptomatic of the fact that while an economy can generate a lot of money, which is good thing, it actually falls short of going where it ought to go if you have that money not generating well across the social spectrum,” he added.
Garrie said the crisis that many wealthy countries like the UK are facing is that they haven’t developed new models to cope with changes that have occurred in production and employment patterns.
“The biggest change off course is the increased automation of the workforce and the artificial intelligence revolution truly kicks in a lot of people that used to rely on working class industrial jobs, (they) would find that they will be out of economic loop,” he said.
The expert said those countries should try to adopt a better model which allows a fair spread of money generation throughout the entire economic system.
He said countries like the UK should “look into a Chinese model of economic cycles that will help money generated by the mechanical hand to be fed into the same economy which is generated by the human hand.”
Recurrent reports have shown that poverty is increasing on a rapid pace in Britain, mainly as a result of years of government austerity measures.
A United Nations report in November showed that austerity programs implemented by the Conservative-led governments since 2010 had left a fifth of UK population, nearly 14 million people, in poverty.
The Independent said in a recent report that the number of children in poverty in the UK had almost doubled in a decade to reach 4.5 million people last year.
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