The UK government has launched its highly-anticipated Industrial Stragegy, ahead of a significant investment summit taking place in London on Monday.
Unveiling its plans earlier today, the government said the Industrial Strategy ‘will drive long-term growth in key sectors that is sustainable, resilient and distributed across the country’, with the Business Secretary promising to ‘give investors a ten-year plan to choose Britain’.
The government’s Industrial Strategy will focus on eight ‘growth-driving sectors’: advanced manufacturing; clean energy industries; creative industries; defence; digital and technologies; financial services; life sciences; and professional and business services.
Business and Trade Secretary, Jonathan Reynolds, and the Chancellor of the Exchequer, Rachel Reeves, have written a green paper to kickstart delivery of the Industrial Strategy. The paper will be published tomorrow, on the day of the International Investment Summit, which will bring together UK leaders, high-profile investors and businesses from across the world. There, Reynolds is expected to tell delegates the Industrial Strategy will put Britain back on the global stage and help attract investment into the most productive parts of the UK economy.
Businesses up and down the country will be invited to respond to the Industrial Strategy Green Paper, which will provide stakeholders with the opportunity to inform the strategy’s continued development and ensure it delivers tangible impact to people and communities right across the UK.
Views are sought from business, international investors, unions and any other interested parties, on the overall vision, approach to growth sectors and the policy levers needed to drive investment.
The government will also establish a new supply chains taskforce which will work to assess where supply chains critical to the UK’s economic security and resilience – including those in the growth driving sectors outlined in the industrial strategy – could be vulnerable to disruption. The taskforce will ensure that government works with business to address these risks, building the conditions required to deliver secure growth.
Make UK CEO, Stephen Phipson, said: “We live in a world which is massively different to a decade ago and simply leaving the economy and, industrial strategy, to the free market is an ideology which is long past its sell by date. This is a welcome first step in addressing the achilles heel of the economy which has left the UK an outlier among advanced countries. It sets out a clarity of vision for how the resources of Government and, in particular, each department can be convened towards a single objective of long term growth across all regions.
Microsoft UK chief to head Industrial Strategy Advisory Council
Alongside the release of the green paper, the government will also announce that Clare Barclay, CEO of Microsoft UK, will chair the Industrial Strategy Advisory Council. The Council will inform the development of the Industrial Strategy through its expertise and latest evidence, working with business, trade unions, devolved governments, local leaders, academia and stakeholders.
In the King’s speech, the Government committed to putting the Council on a statutory footing, giving it powers and responsibilities and ensuring it will be permanent and independent.
Speaking about her new role, Clare Barclay said: “As Chair of the Industrial Strategy Advisory Council, I will ensure the Council provides a clear and strong voice on behalf of business, nations, regions, and trade unions, as we invest for the future to ensure that our prosperity is underpinned by robust growth in key sectors right across the country”.
“Whilst we fully embrace the industries of today, we must also have a clear plan for future growth, and the Advisory Council will play a central role in shaping and delivering this plan”.
Business and Trade Secretary, Jonathan Reynolds MP, said: “Our modern Industrial Strategy will hardwire stability for investors and give them the confidence to plan not just for the next year, but for the next 10 years and beyond.
“This is the next step in our pro worker, pro business plan which will see investors and workers alike get the security and stability they need to succeed.
“Clare’s wealth of talent and experience will help ensure the Industrial Strategy delivers its mission of unleashing the potential of high productivity sectors to spur growth, spread wealth, and drive-up employment across the UK”.
Chancellor of the Exchequer, Rachel Reeves MP, added: “I have never been more optimistic about our country’s potential. We have some of the brightest minds and greatest businesses in the world. From the creative industries and life sciences to advanced manufacturing and financial services.
“This Government is determined to deliver on Britain’s potential so we can rebuild Britain and make every part of the country better off”.
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