Extracts from Lords debate on the Budget Statement - Dec 4
Tuesday, 5 December 2017 07:47
Lord Palumbo of Southwark (LD):...We need to step back and accept
that a lot of what we learned at school no longer applies and that
new technology is acting as a massive deflationary force, as the
noble Lord, Lord Haskel, referenced with Just Eat. Margins
everywhere are collapsing. Look at financial services and the
effects of AI. I have seen this first hand. I recently sold a
business after it was disintermediated by technology, and my new
business is disrupting the office market, which at...Request free trial
(LD):...We need to step back and accept that a lot of what
we learned at school no longer applies and that new technology is
acting as a massive deflationary force, as the noble Lord,
, referenced with Just Eat.
Margins everywhere are collapsing. Look at financial services and
the effects of AI. I have seen this first hand. I recently sold a
business after it was disintermediated by technology, and my new
business is disrupting the office market, which at last is facing
technology’s sharp edge. Today, as soon as an inefficiency is
spotted, a young genius moves in for the kill like a “Blue Planet”
predator, disintermediating, disrupting, driving down margins.
Uber, Amazon, Spotify, Deliveroo, Airbnb, Google,
Netflix—all devastating deflationary forces which disenfranchise
the real economy. They are moving so fast that the combination of
easy money and fractional tinkering will have no effect...
(Con):...In summary,
we are arguing over angels and pinheads when we should be looking
much wider. We should be looking at things such as my Amazon
account, where everything comes through Luxembourg so that Amazon
can avoid paying quite as much into the public coffers as it would
if it came through the UK. The challenge is large, but we lose
sight of it and of the huge amount of work that the Government have
done in protecting the poorest and the most vulnerable and giving
them a chance and a future...
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