Andrew Haldane provides an excellent historical perspective on the relationship between labor's share of economic output in relation to structural changes in the economy. He then moves to the situation in the current labour market and discusses how labor's share of output may change in response to structural changes that are underway. Haldane covered a broad range of issues in his forty minute speech. It is an excellent primer for anyone who would like to broaden their understanding of the labour market and social policies that moderate the effect of structural changes in the economy.
Haldane concluded by arguing that it would premature for the Bank of England to raise interest rates in the face of a global economy that is growing below trend with no sign of inflation in the UK. He also argued that public corporations should shift from a myopic focus on shareholder value which is not good for shareholders or for labor.