A monetary policy committee is not where you expect plain talk about artificial intelligence. Central banks hedge. They talk in ranges and probabilities and "on the one hand." So it was notable this week when the Bank of England said, without much hedging, that AI is lifting UK productivity and costing jobs, in the same assessment, as two sides of one effect rather than a debate still to be settled.
That kind of clarity from that kind of institution changes the shape of the conversation. It's one thing for a WSJ podcast to run an episode called "Robot Workers Are Here, Human Workers Are Fighting Back." It's another for the country's central bank to say the quiet part in an official assessment. Elsewhere this week, the jobs numbers said the market was fine and workers didn't believe a word of it, and Gen Z made it clear that work-life balance is not, in fact, the thing they're optimising for.
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This week's Paper Cut is about the gap between what the official data says and what everyone actually feels, across three different measures of the same economy.
