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UK government ''needs to back knowledge economy''

30 June 2011
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UK government ''needs to back knowledge economy''More assistance needs to be given by the government to the UK's knowledge economy, it has been claimed.

According to The Work Foundation, the sector is best placed to provide balanced growth and generate employment as the economy recovers from the global financial crisis and subsequent recession.

The body outlined its plans to create stability and prosperity in the UK by 2020 and called for a "coherent approach to the knowledge economy" that drives forward lasting growth.

Commenting on the plans, lead author Charles Levy explained: "If we are to avoid another financial crisis, the UK must eschew debt-fuelled growth and back that part of the economy which is driven by expertise and new ideas."

The Work Foundation has welcomed initiatives such as the government's Technology and Innovation Centres, but wants to see more schemes to boost skills and create local conditions that will enable high-growth businesses to be successful.

Operations management specialists are also advised that The Work Foundation stressed the importance last month of the government focusing on supporting the business services sector as well as manufacturing, as the former has overtaken the latter as the "mainstay" of the UK's economy.ADNFCR-3058-ID-800607054-ADNFCR
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