What could driverless cars mean for the economy?
There could be wider changes that come with more and more driverless cars on the roads. This raises some questions about how the economy could be affected.
For instance, if commutes become more enjoyable, will more people start to live further away from their workplaces? And when accidents happen, who will pay – insurers, or the companies that build the cars?
This video introduces these and other issues raised by driverless cars:
The Bank of England takes an interest in developments like this which can have an impact on how we work and how productive we are overall. This can feed in to how fast the economy grows.
We monitor in particular changes in the insurance industry because we are responsible for regulating insurers in the UK to ensure that they operate in a safe and sound way.