Technology will transform UK in new industrial revolution, says HSBC

Technology will reshape the UK business landscape in its biggest shake-up since the industrial revolution, according to HSBC.

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.

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