Here are this week’s favourite stories across tech and finance from our Head of PR, Bilal Mahmood. Happy reading!

Industrial Strategy will harness technology

The Government will today unveil the UK’s first full Industrial Strategy in decades, saying focus will be on technology that can tackle several “grand challenges”. Ministers hope to unlock business investment by backing dozens of “sector deals” that will provide taxpayer support and policy collaboration on major issues such as automation. Greg Clark, the Business Secretary, will outline areas that are viewed as key to reviving productivity growth across the economy. They will include AI and mobility – including driverless vehicles. Read more

Employee ownership can help grow businesses

A study by Index Ventures has concluded that British and European entrepreneurs should use greater employee ownership to improve their chances of creating a business on the scale of Amazon, Google and Facebook. On average, employees own 20% of the equity in late-stage start-ups in the United States, compared with only 10% in Europe, according to the venture capital firm. Index also said that Britain had the best conditions in Europe for employee-owned start-ups, while Germany and Spain were “most in need of change”. Read more

Robots ready to push people into new roles

A new study has warned as many as 700m people could be displaced from their jobs by robots by 2030. Workers who analyse data, such as accountants and paralegal specialists, are amongst those who could find their careers at risk. Those who interact with people, such as managers and teachers, may be harder to replace. Fewer than 5% of jobs are entirely automatable, the report estimates, but most jobs have a substantial element which could be done by machines. Read more

UK banks lagging behind on AI adoption

US banks are the most prepared to handle the potential disruption of artificial intelligence to their business, according to new research by UBS. The US ranked highest out of nine countries in established markets, followed by Singapore and Spain. In terms of specific institutions, JP Morgan, Bank of America and BBVA were found to be making the most “attractive” AI plays. The UK ranked seventh, signalling less satisfaction with AI assisted processes among customers, and greater resistance to automated banking services. Read more

Get off your phone and get back to work

An in-house blog for Bank of England staff written by senior analyst Dan Nixon points out a link between Britain’s abysmal productivity and the rise of smartphone use. People were spending so much time checking their devices that a “crisis of attention” might lie behind the country’s sluggish productivity, he said. Read more