London (Parliament Politics Magzine) – The UK government has undertaken its highly-anticipated Industrial Strategy, ahead of an important investment summit taking place in London.
Unveiling its programs, the government expressed the Industrial Strategy
“will drive long-term growth in key sectors that is sustainable, resilient and distributed across the country”,
with the Business Secretary vowing to give investors a ten-year plan to choose Britain.
Which sectors will the strategy focus on for growth?
The government’s Industrial Strategy will concentrate 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 reported a green paper to kickstart delivery of the Industrial Strategy. The paper will be published 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 anticipated 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.
How can stakeholders contribute to the strategy’s development?
Businesses up and down the country will be invited to react to the Industrial Strategy Green Paper, which will provide stakeholders with the chance to inform the strategy’s continued development and ensure it provides a tangible impact to people and communities right across the UK.
Views are aimed at businesses, international investors, unions and any other curious parties, on the overall vision, strategy for growth sectors and the policy levers needed to drive investment.
How will the supply chain task force operate?
The government will also appoint a new supply chain task force which will work to evaluate where supply chains critical to the UK’s economic security and stability – including those in the growth-driving sectors summarised in the industrial strategy – could be vulnerable to disturbance. The task force will ensure that the administration works with businesses to address these threats, building the conditions needed to deliver secure growth.
What does make uk say about the new strategy?
Make UK CEO, Stephen Phipson, stated:
“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 the Government and, in particular, each department can be convened towards a single objective of long-term growth across all regions.”