The Governor of the Bank of England has warned that massive job losses driven by technology could resuscitate Marxism in the West.

Mark Carney said that the expected automation of millions of blue and white collar jobs, bringing with it weak wage growth for those in work, may lead to the ideas behind Communism winning new fans.

“Marx and Engels may again become relevant” if technology destroys jobs, forces down pay and pushes up inequality as a new elite of highly skilled workers and the owners of high-tech machines reap the rewards of the new era, Mr Carney said.

Productivity soared 150 years ago as the industrial revolution took hold and new technology accelerated manufacturing, yet average wages stagnated for decades as machines meant the jobs created were low-skilled.

Recent years of weak wage growth since the financial crisis could indicate this 19th century experience is being repeated now, Mr Carney said.