Britain has had its chance and blown it, and I don't see another Acorn or ARM coming from this country. Like every other scientific field we've had sucess in since the war, we've just handed it over to the American's to commerically exploit, and now lack the skills to compete.
But America isn't in a good shape these days, they produce mostly lawyers and accountants from their education system, where as India and China are turning out scientists and engineers in vast quantities. With the dollar weaking, they wont be able to attract the best to come to the US to work, and eventually these people will set up in their own countries.
India is already starting to move beyond simple out sourrcing and while China concentrates on cheap production, every deal they make with western companies involves partnering and technology transfer.
I see the next Acorn, Intel or Microsoft coming from that part of the world. The only IT related jobs in the UK will be working behind the counter in PC Word.