Bristol and Glasgow have been added to a list of 'super cities' which are set to drive industry growth, specifically manufacturing, in Britain. The two cities join Newcastle, London, Leeds, Brighton and Liverpool as key business locations identified by HSBC Commercial Banking.
The Future of Business 2011 report from HSBC has revealed that UK manufacturing is making a comeback with a clear focus on advanced technology. According to business leaders, digital communications (68 percent), biotechnology (65 percent) and low-carbon industries (60 percent) will provide the best prospects for growth over the next decade.
Despite the purchasing managers' index for manufacturing falling to a 20-month low of 52.1 in May, this latest report certainly shows that Britain's manufacturing heritage and the development of new technology can reinvigorate a struggling industry.
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In 2009, HSBC identified Newcastle, Leeds, Liverpool, Brighton and London as regional economies which would be 'vigorous centres for growth industries'. This latest report anticipates that Glasgow will become 'a leading international force in the renewable energy sector' while Bristol will be 'pioneering new materials to become a centre of advanced manufacturing.’
Jacques-Emmanuel Blanchet, Head of HSBC Commercial Banking, said: "Out of recessions come new trends and this report crystallises how adaptable entrepreneurs and small businesses are shaping a new business landscape.
“Change is definitely on the cards. Sixty-two percent of business leaders believe that Britain will increasingly stand for 'innovation and entrepreneurship' compared with 46 percent previously. It is evident that in a decade's time we will have seen a redrawing of the industrial map of the UK.”