minouche shafik joins us. minouche was former lee the deputy governor.as also the youngest vice president in the history of the world bank and was later responsible for the department of international development in the u.k. minouche just gave a speech which discusses why the welfare contract is under pressure and how inequality and technology are putting pressure. thank you. first of all, what is your premise? societyty is bad for and we need to bring it back closer if we're going to have better cohesion? minouche: absolutely. many of the divisions we see in society i think are driven by the fact that the welfare state isn't fit for the modern economy. pressureer huge because of aging, technology, automation, and what that is doing to the ability of people to contribute to the welfare state. francine: what does automation bring? how do we look at the drunk drivers? what will our society look like in the next 10 years? minouche: estimates they re-, but most people think automation will affect about 60% of jobs in the next decade or so. this new wave of a

we will ask minouche shafik at the bank of england. ♪ francine: good morning and welcome to "bloomberg