New labour market institutions will need to balance facilitating labour mobility and encouraging appropriate protections of workers in non-standard forms of employment that emerge in industries, as considered in the UK by the Taylor review of modern working practices. 30  Other issues range from technology solutions to improve matching to news frameworks data portability (including reputational histories). Each industrial revolution has eventually been accompanied by major innovations in enabling or educational institutions. The biggest issue may be how to institutionalise re-training in mid-career and to integrate it with the social welfare system. The time for a quaternary system of education, founded on the same principle of universality as primary, secondary and tertiary education may eventually arrive. There are also roles for retraining schemes, such as the UK’s Flexible Learning Fund  31  and the Singapore  SkillsFuture programme, which offers all its citizens aged 25 and over £ credit to pay for approved workskills related courses. Generous subsidies, of up to 90% for Singaporeans aged 40 and over, are available on top of this credit. According to SkillsFuture’s Chief Executive, the returns on that spending matter less than changing the mindset around continuous reskilling. An often overlooked but nonetheless critical element of the ecosystem is to build a financial sector consistent with the new economy. 30 31  Available at https://www.gov.uk/government/publications/good-work-the-taylor-review-of-modern-working-practices. The Government has allocated £ through the FLF in Spring2017 budget to run pilot projects.

Ladies and Gentlemen, in recognition of the need to provide a conducive regulatory environment which promotes sustainability, accountability, transparency and growth of the building society industry in Zambia, the Building Societies Act was amended in October 2005 to harmonise it with the Banking and Financial Services Act pending the modernization of the Building Societies Act under the Financial Sector Development Plan law reform programme. Ladies and Gentlemen, Bank of Zambia is concerned about the levels of lending interest rates charged by most financial institutions in Zambia, building societies included. With the achievement of relative macroeconomic stability in the recent years as evidenced by a significant reduction in the inflation rate to 11.1 percent as at June 2007, it is the expectation of the Bank of Zambia that all prudent lending institutions would make downward adjustments to their lending interest rates to make financial services accessible and affordable. It is also important to note that high lending interest rates can lead to high levels of delinquency. Ladies and Gentlemen, it is in this light that we anticipate that credit referencing services will help in reducing credit risk through the provision of widely accessible information on the loan repayment profile of borrowers. This should also provide another incentive for lowering of interest rates. Ladies and Gentlemen, in conclusion I wish to state that the Bank of Zambia is committed to broadening and deepening the financial sector through effective implementation of the Financial Sector Development Plan.