Deloitte Monday Briefing: Where's The Creation?

The economist Joseph Schumpeter used the term 'creative destruction' to describe growth achieved on the foundations of old industries and business models. Creative destruction has become shorthand for a Darwinian economic process in which the destruction of an old order paves the way for growth.

The global economic crisis has certainly wrought huge destruction. Last week the Governor of the Bank of England warned that the crisis is not even half over.

But what about the creation side of Schumpeter's formula? Here are four areas of the UK economy which are seeing growth.

1. Consumers are spending on technology. Household spending and incomes have declined over the last five years but UK consumer spending on communications has risen by almost 18%. Global sales of smart phones have risen from 118 million in 2007 to 488 million last year, helping raise Apple's share price five-fold.