Collaborative platforms are replaced by a collaborative internet of things. Shared goods are embedded with chips, enabling people to easily access things as and when they need them. Infrastructures and supply systems within the collaborative economy also become considerably more efficient and predictive thanks to rich personal data – resulting in a parallel market where collaborative economy companies increasingly sell and trade user data.

People no longer have to invest significant sums upfront to access most goods and services. Consequently, public attitudes and habits surrounding personal savings and debt begin to shift. Education and finance opportunities also become instantly available on any device, leading to the decline of formal, centralised institutions (such as universities or banks).

The Numbers

• At present, around 20 per cent of household expenditure goes on non-food goods and transport; higher productivity in goods and transport markets has the potential to reduce this, raising standards of living and increasing disposable income
• Improved identity verification systems could reduce not only the estimated £3.3 billion losses annually through identity theft, but also the estimated £1.2 billion lost annually to taxpayers through defrauding of the benefit system