Fourth Industrial Revolution — House of Commons, 2016-09-08
Topic: Macroeconomics
Alan Mak (Conservative, Centre-right): I beg to move, That this House acknowledges that the UK is in a strong economic position to take advantage of the Fourth Industrial Revolution; welcomes the view of the World Economic Forum that fusing physical, digital and biological technologies can promote further economic growth; notes that small and medium-sized businesses across the country contribute invaluable expertise and market leadership; and calls upon the Government to continue introducing and supporting policies that keep the UK at the forefront of this revolution in the future I thank the hon. Member for Hove (Peter Kyle) and other Members across the House for supporting my application for the debate, and the Backbench Business Committee for giving me the opportunity to bring the motion before the House. I believe that this is the first time that the topic has been debated in the Chamber Two hundred and fifty years ago, the world’s first industrial revolution began here in Britain. New engines driven by coal and steam made manufactured goods and allowed them to be transported across the country on new railways, roads, bridges and viaducts, heralding a new era of British industrial strength Now, 250 years later, after two further industrial ages, driven first by electricity and then by electronics and the internet, we stand on the cusp of a new, fourth, industrial revolution. Since the turn of the century, we have witnessed an unprecedented fusion of technologies that blurs the traditional boundaries between the physical, digital and biological spheres. This fourth industrial revolution is now accelerating, characterised by an exponential increase in automation, digital connectivity and technological innovation. Breakthroughs and new products in fields such as artificial intelligence, advanced robotics, the internet of things, driverless cars, drones, 3D printing and nanotechnology, to name but a few, have captured the imagination of the public and the attention of policymakers This revolution offers significant economic growth and productivity advantages to the countries that seize those corresponding opportunities, as well as new jobs, lower prices, more competition and greater product choice for consumers. These technological advances will also disrupt almost every industry in every country and pose profound economic, political and social challenges, especially to countries and communities that are unprepared or unresponsive At the global level, the World Economic Forum has taken the lead in exploring this issue. Indeed, the 4IR, as it has become known, was the theme at its annual meeting this year in Davos. At a national level, however, we in this House have a key role to play by leading the debate, understanding the opportunities and challenges, and making the 4IR a success for Britain. The fact that we have a new Government Department and new Minister recently in place, and a new industrial strategy, makes today’s debate all the more timely and relevant My view on the issue is clear. Britain is in a global race for economic success and we must actively seize the opportunities presented by the 4IR to drive economic growth, proactively shaping and harnessing the technological and social changes that it brings for the nation’s benefit. Britain can and should develop an early economic comparative advantage to become a world leader in the new 4IR global economy, but to do this, we must take a proactive, free market approach to policy formulation, and prepare for the impact of disruptive technologies, not just react to them. Put simply, we must make mastering the new 4IR a key part of the Government’s industrial strategy. Just as Britain launched the first industrial revolution 250 years ago, it can and must lead the new 4IR in this new century To understand the scale of the innovation that is taking place on a practical level, we should consider for a moment some of the new products and services that are already transforming the way we live and work. The 4IR’s key technological advances are pervasive digital connectivity, widespread automation, and advanced computer software based on machine learning and artificial intelligence techniques. All these give rise to a range of economically disruptive products and services, including driverless vehicles, robotic manufacturing and 3D printing. This shift from the simple digitisation of information that is so characteristic of the third industrial revolution to a fusion of technologies that will help businesses, streamline production, lower costs and deliver new products is truly revolutionary.