for cities. universities uk ( 2017 ), ‘ patterns and trends in uk higher education ’, universities uk. van reenen, j, bloom, n, draca, m, kretschmer, t, sadun, r, overman, h and schankerman, m ( 2010 ), ‘ the economic impact of ict ’, smart n. 2007 / 0020. willetts, d ( 2017 ), a university education, oxford university press. all speeches are available online at www. bankofengland. co. uk / speeches annex chart 1 : world gdp per head since 1000 ad 1990 international dollars year sources : de long ( 1998 ). chart 2 : uk productivity, real wages and gdp per head index, 1760 = 100 productivity real wages gdp per head sources : bank of england, ‘ a millennium of macroeconomic data ’, available online. notes : labour productivity per head uses gdp at factor cost. real wages defined as nominal wage divided by gdp deflator at factor cost. all speeches are available online at www. bankofengland. co. uk / speeches chart 3 : literacy rates in western europe sources : ourworldindata. org, based on buringh and van zanden ( 2009 ) and broadberry and o ’ rourke ( 2010 ). chart 4 : long - run uk gdp growth sources : broadberry and wallis ( 2017 ) and bank calculations. all speeches are available online at www. bankofengland. co. uk / speeches chart 5 : expanding and contracting periods in uk gdp growth sources : broadberry and wallis ( 2017 ) and bank calculations. all speeches are available online at www. bankofengland. co. uk / speeches table 1 : estimates for job destruction and creation from automation ( mit ( 2018 ) ) jobs destroyed when where jobs created predictor worldwide 900, 000 to 1, 500, 000 metra martech us jobs 3, 078, 340 forrester worldwide 1, 000, 000 - 2, 000, 000 metra martech worldwide 1, 800, 000 2, 300, 000 gartner sampling of 15 countries 7, 100, 000 2, 000, 000 world economic forum ( wef ) worldwide 1, 900, 000 - 3, 500, 000 the international federation of robotics us jobs 9, 108, 900 forrester worldwide 1, 000, 000, 000 thomas frey us jobs 24, 186, 240 us jobs 3, 400, 000 us jobs

and payments services depends upon depositors generally having a high degree of confidence that their funds will in fact be available on demand and it depends upon the cost of the services. in providing the services, therefore, the banks need to strike a balance between deploying their deposits in low - yielding, high quality, liquid assets to meet cash withdrawals, and riskier investments to generate a higher return. in this latter context banks have traditionally played a key role in financing the corporate and household sectors, earning their return by gathering information about, and assessing and monitoring, the creditworthiness of private sector borrowers, especially those who do not or cannot cost - effectively provide the comprehensive, public, information that would allow them to access the capital markets. much of the banks ’ lending, while nominally at short - term, for example in the form of callable overdrafts, is in practice illiquid and non - marketable. so a further distinctive characteristic of banks is that they typically function with a mismatch between their highly liquid liabilities and their less liquid, non - marketable, assets. there is no need, i think, to labour the importance to the economy as a whole of these distinctive banking functions, or the damage that would be caused if the banks ’ role - as the repository of liquidity, as the core payments mechanism, and as the principal source of finance to at least a large part of the economy - were seriously interrupted. that in itself helps to explain the public interest in the effective functioning of the banking system, or why banks collectively have been regarded as special. but beyond that, the distinctive banking characteristics that i have described, of liquid liabilities and less liquid assets, give rise to special needs. given the banks ’ role in the payments system they may need late access to liquidity to square their positions vis - a - vis each other after executing payments instructions on behalf of their customers. this explains why, in their routine monetary operations to relieve shortages in the money - market, central banks in many countries tend to confine their ( late ) lending to banks even when they accept a wider range of counterparties in providing liquidity through open market operations. the same distinctive characteristics make banks especially dependent upon public confidence. bank depositors are not generally in a position to monitor or assess the financial condition of their bank, so that any suggestion that a particular bank may not be in a position to meet its liabilities is likely to lead to the panic withdrawal of