Does anyone want to talk about the cost of living/the economy?

[Legssses]

Obviously, whatever happens with the economy over the next few years will impact us all.
I have an interest in current affairs anyway, but have been keeping a closer eye on what the media is saying about the cost of living and the likely impacts of the war in Iran as my financial commitments have the potential to significantly increase.

I think it can be tricky to work out what's click-bait and deliberately scaremongering and what to take heed of.

Climate change will be increasingly affecting our lives. Not just food production but also increasing migration from parts of the world that are becoming unlivable. This will no doubt cause additional wars to the ones already waged over dwindling oil supplies. Importing food and other items (necessary and unnecessary) will become increasingly expensive and we may start to see some countries limiting or preventing export of food they want to use to feed their own population. The way through is for us to grow more of our own food here in Britain and to transition the workforce to food production. We’ve had a lot of redundancies locally from IT/tech firms moving to AI and this will only increase across sectors. Recent governments have been fairly hostile to farming and also unsupportive to small businesses (I, like the OP, run a small business). We need to encourage people to take risks to grow their businesses and to employ people. Our tax system is mad - we are rewarded for buying tech and gadgets, but penalised for hiring real people (who are a much more risky proposition - maternity/sickness/hangovers/generally being great or terrible).

Nope, not even remotely connected to tech. I just have an interest in it and how it’s going to be change the way we all live very soon.

I’m really interested in this.

I can’t see how AI is going to have a big impact on my industry. I went to a conference about how it’ll impact Ag and basically was told how it researches things for you as a farmer but be careful because the bit they had it research would have caused you to be fined by the EA.

I think food costs are going to rocket - the fertilizer costs won’t hit till next year as a lot of farmer buy early. The yields are atrocious.

I can’t see UBI or a 3 day week coming at all. We have jobs - they’re just ones that people don’t want to do or value in society. I think I’ll be a rough old ride for those who think UBI and a 3 day week is a better option than them working on a farm or a care home.

The robots are going to do those manual labour roles, far more efficiently, without breaks, 20+ hours per day (4 hours charging maybe less) 365 days per year. When you can buy a robot for £30k who basically does the workload equivalent of 3 employees without sick pay, benefits, overtime, has no attitude and isn’t late businesses will soon switch to humanoid robots, maybe not all roles but a good chunk of them.

Can you explain? I was also under this impression

@Bjorkdidit

Apparently the Ofgem price cap went up on 1st July.

That aside, no new appliances, and aside from running fans (but equally using the oven less) no changes to usage and am nearly £400 in credit.

Will give them a call tomorrow.

That the rise of billionaire class is exceptionally dangerous. People will become very poor like victorian times, the poor class will grow to include people who are middle class today. He says we have been in an unprecidented time for social mobility and that's it's coming to an end.

I think he's right but he's framing it very extremely to get attention. He's frustrated and I think he's not always very accurate

Nah humanoids are over hyped they will look different

Robots already do most of the labour on the farm. What robots can’t do is fix themselves, answer alarms or work out what’s wrong.

There are moves afoot for AI to look at what’s wrong in livestock sheds but frankly the market doesn’t allow us pay more the NMW to our staff so I don’t think it’s going to stomach the investment AI would require. The current machines we have were part funded by government grants - not much money about for that either right now.

I don't have a strong view on what I think the impact of AI will be. What I'm seeing right now in the world around me is job losses due to automation and the wealth largely staying with the tech bros. That's my perception anyway!

I honestly think the AI bubble will burst. Happy to be proved wrong in 3 years time if life does actually look completely different, I just can’t see it.

It ain’t a bubble, get ready.

I think this is spot on. The more people can truly accept that things will get harder, not better, in the coming decades, the stronger a position we will be in to weather the transition. It is a very hard thing to accept I know, especially if you have kids.

Although not on a tech bro scale the people I see around me doing well are the trades. The builders, the electricians and the septic tank companies are all doing roaring trades. The jobs people don’t want
to do. Those who are struggling are the people whose job I’ve never quite been able to understand what they do! They’re the ones being made redundant in my sphere and not finding it easy to get new jobs.

I agree with the PP who compared us to the Incas and the Roman Empire - there are definitely parallels with the latter!

The thought I try to hold onto is that it doesn’t mean our children won’t have good lives and won’t be happy. They will still be living more abundant lives than nearly all of humanity. Read books about historical figures - they lived rich and happy lives without so much that we consider essential now.

The thought I try to hold onto is that it doesn’t mean our children won’t have good lives and won’t be happy. They will still be living more abundant lives than nearly all of humanity. Read books about historical figures - they lived rich and happy lives without so much that we consider essential now.

Young people need employment to give them money and a sense of purpose. They need money to gain independence and to start their own family. Basic wants and needs.

I am a generally optimistic person but I can’t see a way the economy will improve at all because of increasing use of automation and AI. How will everyone pay their mortgages with no income? At the moment all you get from the government is a SMI loan.

Does anyone know how UBI would work? I don't know much about it. Would people with their mortgages paid off get the same as someone with loads on their mortgage and childcare costs to pay etc?

And this is why it wouldn’t work. Everyone would have a reason why they are “special” and deserve more. The term universal basic income means exactly that. It is meant to be exactly the same for everyone regardless of wealth or circumstances. Could you imagine the uproar if they did that?
“Well I have 6 kids in a 2 bedroom flat and my husband’s job was taken over by AI but my wealthy in laws in a 5 bedroom mansion and 3 rentals will get the same as me??? DISGUSTING!!!” It’s what you pretty much read on pension threads anyway when people talk about wanting it abolished or means tested.

Any future government help that emerges because of the AI impact would be means-tested, like benefits currently are.

The cost of living does worry me.

I put in my meter readings the other day (as I do every month or so) and despite hardly using any gas or electricity (been away on holiday, out at work all day), my £120 DD has almost entirely been swallowed up by standing charges - rather than vital usage.

Food shops are becoming increasingly expensive & the cost of a tank of petrol is too - no option for electric for me as have nowhere to charge it.

I have a 17 year old who is finding it difficult to get a job. And potentially will go to university - there has to be thought of what career to choose in terms of AI.

We Should think of UBI as a set payment that enables everyone to afford housing, food and bills, there wouldn’t be a tsunami of homelessness or hoards of starving children, everyone would be taken care of, those who have jobs would obviously have salaries too, same for those who create businesses and opportunities for themselves.

UBI is a great proposition in the context of

Energy will eventually be free from advances in solar extraction and battery storage
Healthcare is going to be transformed beyond comprehension, your GP will be in your phone
House building will sky rocket once robotics are involved
Abundant production output will bring prices down for most goods and services

Cynically I suspect that any UBI would immediately be swallowed up by price rises. Just like house prices have swelled as two income families became first more common and then essential.

I don't know if any of you follow Maryam Ishani, but her latest video covers some of the impacts of the closure of the SoH on the supply of food worldwide.

www.facebook.com/reel/1379199001057387/?app=fbl