Manchester is set to become a major business hub in the fields of stem cell research and robotics, according to a new report on the future landscape of British business produced by high street bank HSBC.
The bank’s Future of Business report said that Manchester would be one of a number of cities to benefit from a narrowing in the north/south divide which would take place as a living costs continued to rise in the south and mobile working becomes more widespread.
However, the bank did not include Manchester in a list of five so-called ‘supercities’ which 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,” according to the report’s author, Martin Raymond of The Future Laboratory. The five cities identified were Brighton, Leeds, Liverpool, London and Newcastle.
Some 59 per cent of Manchester-based businesses surveyed as part of the report said that they felt legislation and regulation posed the biggest threat to UK business’s competitiveness and 57 per cent argued that they would like to see more support for entrepreneurs.
Source: www.crainsmanchesterbusiness.co.uk 26 May 2009