Today on the podcast, we check in with Fidelity Investment Director Tom Stevenson. He discusses increases in both employment and annual wage growth, its implications for the European Central Bank, and where investors can find opportunity in a higher interest environment. Tom speaks to host Pamela Ritchie and explains that wage growth is still very strong in the UK, despite slow GDP growth at 0.1% quarter on quarter. With UK interest rates sitting at 4.5%Tom predicts that the Bank of England will raise rates by another quarter point. Tom discusses AI and says that while AI has the potential to become a transformative technology, it could also have negative implications for job losses and other labour market disruptions. As seen in the airline industry, Tom emphasizes that technological revolutions can change the world, but not necessarily the fortunes of investors.

Recorded on June 14, 2023.

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