UK companies face annihilation if they fail to adapt to dramatic upheavals in the global economic market, Professor Richard Scase told a CII conference in London today.
And, he said, a revolution in consumer trends and a severe skills shortage threatened to deepen the crisis even further.
Scase, professor of organisational behaviour at the University of Kent, was addressing the UK Insurance and Financial Services Conference.
He also forecast that the EU and euro currency “would be dead” by 2015 because they would not be able to survive increasing economic diversity across Europe and a lack of a common fiscal policy.
He said information technology was hastening the process of globalisation and the emergence of powerhouse economies such as India and China.
“We are witnessing the death of distance and the death of location. Technology has brought 2.5 billion people in Asia into the global economy.
“Companies in Britain are facing competition from companies on the other side of the world.”
