Technology will reshape the UK business landscape in its biggest
shake-up since the industrial revolution, according to
HSBC.
The bank's Future of Business report says robotics,
nanotechnology, biotechnology and cybernetics will help to dominate
UK industry.
The report's authors say the UK has been known for factories,
power stations and livestock since the
Industrial Revolution, but a combination of factors will force
the country into new forms of economic activity.
The economic downturn, increased emphasis on
internationalisation and changing demands on business will all help
to bring about the changes.
The recession will create an emphasis on technological advances,
demands for flexible ways of working and more trading across
international borders.
Report author Martin Raymond said, "Regions will derive their
status, income and prestige from new economic income streams such
as biotech, stem cell research, innovation, gaming and even
alternative work practices and business models."
The authors studied the behaviour of 500 entrepreneurs and
business decision-makers, as well as the rise of emerging
industries in the UK.
The report was produced by HSBC Commercial Banking and the
Future Laboratory.