The Prime Minister will today launch the Industrial Strategy green paper at her first regional Cabinet meeting. The strategy aims to “build on Britain’s strengths and tackle its underlying weaknesses to secure a future as a competitive, global nation.”
The green paper will set out ten strategic pillars to underpin the Strategy:
- Investing in science, research and innovation
We must become a more innovative economy and do more to commercialise our world leading science base to drive growth across the UK.
- Developing skills
We must help people and businesses to thrive by: ensuring everyone has the basic skills needed in a modern economy; building a new system of technical education to benefit the half of young people who do not go to university; boosting STEM (science, technology, engineering and maths) skills, digital skills and numeracy; and by raising skill levels in lagging areas.
- Upgrading infrastructure
We must upgrade our standards of performance on digital, energy, transport, water and flood defence infrastructure, and better align central government infrastructure investment with local growth priorities.
- Supporting businesses to start and grow
We must ensure that businesses across the UK can access the finance and management skills they need to grow; and we must create the right conditions for companies to invest for the long term.
- Improving procurement
We must use strategic government procurement to drive innovation and enable the development of UK supply chains;
- Encouraging trade and inward investment policy
Government policy can help boost productivity and growth across our economy, including by increasing competition and helping to bring new ways of doing things to the UK.
- Delivering affordable energy and clean growth
We need to keep costs down for businesses, and secure the economic benefits of the transition to a low-carbon economy.
- Cultivating world-leading sectors
We must build on our areas of competitive advantage, and help new sectors to flourish, in many cases challenging existing institutions and incumbents;
- Driving growth across the whole country
We will create a framework to build on the particular strengths of different places and address factors that hold places back – whether it is investing in key infrastructure projects to encourage growth, increasing skill levels, or backing local innovation strengths.
- Creating the right institutions to bring together sectors and places
We will consider the best structures to support people, industries and places. In some places and sectors there may be missing institutions which we could create, or existing ones we could strengthen, be they local civic or educational institutions, trade associations or financial networks.
- The Strategy will set out new ‘Sector Deals’, driven by the interests of firms and the people they employ, to address sector-specific challenges and opportunities. Work on sector deals for the life sciences, digitisation, nuclear and creative industries has already begun.
- Plans to strengthen institutions in each part of the country to support their specific strengths, will also be included e.g. building up local trade bodies, or creating new educational institutions,
- The strategy will also identify technologies where Britain has strengths in research and development which could be supported through the government’s new Industrial Strategy Challenge Fund.
Prime Minister Theresa May said:
“The Modern Industrial Strategy will back Britain for the long term: creating the conditions where successful businesses can emerge and grow, and backing them to invest in the long-term future of our country.
It will be underpinned by a new approach to government, not just stepping back but stepping up to a new, active role that backs business and ensures more people in all corners of the country share in the benefits of its success.”