Yorkshire to become home to 'super city'
TWO Yorkshire cities have been included in research that predicts which locations are set to become economic "hot spots" in modern-day Britain.
Leeds has been forecast as becoming one of five new "super cities" specialising in finance in the report by HSBC.
York will become a hot spot for biotechnology alongside Dundee.
Joining Leeds as a top city in the report are Newcastle (science), Liverpool (brand), London (City) and Brighton (alternative economy).
According to HSBC’s Future of Business report released today, the UK’s business landscape is set for its biggest shake up since the industrial revolution.
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The report concludes it has uncovered a changing landscape, which will be populated with new centres for gaming, wind farms and robotics dominating the traditional map of UK industry - which was once plotted with factories, power stations and livestock.
The report, from HSBC Commercial Banking and The Future Laboratory, predicts that the economic downturn, increased emphasis on internationalisation and changing demands on business will profoundly alter the UK’s "business map" as the 21st century unfolds.
It is forecasting a new regional geography with the birth of five new "supercities" and a map of tomorrow populated by nanotech, cybernetics and a growing emphasis on bio and tech sciences driven by new economic income streams.
According to the report’s authors, the changes are being driven by the recession, which will create an emphasis on interpersonal skills in business; technological advances; the demands of many for new and flexible ways of working; more business trade taking place across international borders, and a rise in entrepreneurship.
The report found that in Sheffield, 72% of businesses in the South Yorkshire city think legislation and regulations pose the biggest threat to UK business.
In Leeds, 65% of Leeds businesses think financial market and currencies pose the biggest threat to UK business and 57% would most like to see decreased red tape and bureaucracy in the future.
Report author Martin Raymond said: "These supercities and 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.”
Noel Quinn, head of HSBC Commercial Banking UK, said: “The face of business is changing and while we are in tough economic times, this report unveils some positive new trends that could alter the shape of the working world tomorrow.