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Virtual offices are the future

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Virtual offices will be a key trend as the number of start-ups in the UK increases by 20 per cent over the next decade, predicts a report by Bibby Financial Services.

The report, 2020 Vision – the Future of Business, foresees workplaces shrinking as more smaller companies opt for virtual offices as the self-employed and entrepreneurs become the norm.

As there are five million new workers expected by 2020, people will have to set up their own businesses as larger employers will struggle to provide them all with jobs.

Nigel Culkin, director of the Centre for Innovation and Enterprise at the University of Hertfordshire, criticised the lack of support for university entrepreneurs while speaking at the Higher Education and Enterprise conference last week.

Edward Rimmer, chief executive of Bibby Financial Services, said: “If anything, the past few years have shown that UK businesses have the ability to adapt to face challenges head-on and evolve to respond to new opportunities.”