16/05/2011
The business services sector has replaced manufacturing as the mainstay of the UK economy, according to Belfast Telegraph.
A report, published by the Work Foundation, suggests that any growth strategy must now integrate and utilise the power of the business services sector.
Manufacturing "is no longer big enough to sustain the recovery" and with the business services sector now "twice the size" of manufacturing, the latter is now an integral component to growth, cites HR Magazine.
The UK has one of the most competitive business sectors in the world in terms of net exports and must build upon this strength in order to complete the economic recovery. Other firms can instigate growth through the use of sales finance which releases cash tied up in unpaid invoices.
Andrew Sissons, author of the report 'Britain's quiet success story: business services in the knowledge economy', hails the position of the business services sector to HR Magazine: "The business services sector goes far beyond simple service provision and is much more than a spin-off from other parts of the economy: it supplies the professional and technological support that businesses depend on for innovation and growth.
"Businesses services take ideas and technologies and make them useful to businesses across the economy," he added.
Ashley Curtis