Building Our Industrial Strategy
The government’s green paper on Building Our Industrial Strategy has now been officially published.
The paper shows a different approach to industrial strategy, which is designed to boost the post-Brexit UK economy. It looks as though the main aim “is to improve living standards and economic growth by increasing productivity and driving growth across the whole country.” This shows that at last Britain has a plan of action.
The green paper also details how five sectors could receive government support: life sciences, low-carbon-emission on vehicles, industrial digitalisation, the creative sector and the nuclear industry. There will be various options for support, such as the creation of new institutions to develop skills and research and help with future trade deals.
A big boost for the North West has also been announced in the face of a £556m investment for the ”northern powerhouse”, including a £10m fund to develop the life science for Manchester and Cheshire firms and a new conference centre for Blackpool.
Below you can see the main points about the government’s new industrial strategy:
– More investments in science, research and innovation – The government will strive for a more innovative economy and will do more to commercialise our world leading science base, developing new technologies and driving growth throughout the UK.
– Upgrading of infrastructure – According to the paper we will upgrade our digital, energy, transport, water and flood defence infrastructure, and join up central government investment and local growth priorities more effectively.
– Improve procurement – The government will ensure public procurement drives innovative new products and services, strengthens skills, develops UK supply chains and increases competition by creating more opportunities for SMEs.
– Deliver affordable energy and clean growth – The energy costs will be kept down for businesses. There will be new energy infrastructures built for new technologies, which will help secure the economic benefits of our new move towards a low-carbon economy.
– Drive growth across the whole country – The government will build on local strengths and address factors that prevent areas from reaching their full potential, by investing in key infrastructure projects, increasing skill levels and backing local expertise.
– Develop skills – There will be a proper system of technical education, and boost key skills in science, technology, engineering, maths and digital proficiency, to ensure people have the skills employers need now and in the future.
– Support businesses to start and grow – Support will be provided for businesses and entrepreneurs across the UK, to ensure they can access finance and wider support to grow, and have the right conditions for companies to invest long-term.
– Encourage trade and inward investment – The government will work towards making Britain a global leader in free trade, including promoting and supporting UK exports, building future trading relationships and becoming more active in trying to create more overseas contacts.
– Cultivate world-leading sectors – There will be strong encouragement to build on areas of global excellence and help new sectors to flourish.
– Create the right institutions – There will be strong structures and institutions to support people, industries and places in order to maximise local strengths, including reviewing the locations of government bodies and cultural institutions.
Our Corporate Services Director, Ginni Cooper comments:
“The fact that we have a plan, a vision for our industrial future, is very encouraging and proposals for investment in the North West are certainly welcome. As with any plan, the proof will be in the pudding but the direction of the strategy seems to accord with sentiments of our clients. Investment in innovation and skills is key if the UK is to maintain competitiveness within the global economy, particularly post Brexit. Investment in our infrastructure, including developing economical and sustainable energy sources, will support SME’s to grow and perhaps work more collaboratively. On the face of it, the key headlines appear to address some of the obstacles to future proofing our UK businesses, it will be interesting to see how the plan manifests itself into fact.”