The second element is the revolution in technology - and especially information technology. Britain has long been a pioneer in advanced forefront of technology and scientific development. But science and technology is advancing faster than ever before. For business the key to success is how fast they can adopt and adapt these new technologies. IT and communications are vital parts of this.
Businesses based on or using IT are at the cutting edge of the new economy.
E-commerce and the Internet are already changing business fast. Transaction costs are tumbling. The Internet is dissolving physical barriers, and levelling the business playing field. It doesn't matter how small a company you are. You have the choice now of defining your business as global.