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British businesses are innovating their way towards recovery. Digital communications, biotechnology and low-carbon technology will be the major growth areas over the next decade.
We will see a revival of high-tech British manufacturing. The need for resilient supply chains that can withstand economic shocks and rising energy prices will bring specialist manufacturing back to the UK. 3D printing, advanced materials manufacture and just-in-time manufacturing are all areas where the UK can excel.
A ‘Trust Economy’ of regional collaboration is emerging. Strong personal networks may be as important as financial backing in doing business, and more business leaders will spend time consulting for other firms.
Business will look to emerging export markets. “Exportable inventions are our way towards a safer, more intelligent future,” says Sir James Dyson.
Seven ‘super-cities’ will act as hubs for regional specialisms in growth sectors: Newcastle (scientific research), Leeds (financial services), Liverpool (cultural and branding services), Brighton (the alternative economy), London (creative industries), Glasgow (renewable energy) and Bristol (advanced manufacturing).
Four new ‘entrepreneurial tribes’ will reshape the way we do business: ‘collaborateurs’, ‘hybrid entrepreneurs’, ‘local heroes’ and ‘exportentials’.
If this is where the UK economy is going, what does it mean for small firms? Read on for a summary of the major findings, an overview with comment from someone who is in the thick of UK innovation and a case study of Shutt Velo Rapide, an ordinary British business showing how small firms are adapting to economic change.
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