Zarah ChoudharyThe Government has launched the first Industrial Strategy in seven years, with the goal of boosting economic growth among British businesses in its industrial heartlands.
Business and Trade Secretary Jonathan Reynolds and Chancellor of the Exchequer Rachel Reeves published a green paper to drive long-term growth in key sectors that is sustainable, resilient and distributed across the country.
Reynolds announced eight growth sectors as focuses for the strategy, named a chair for the Industrial Strategy Advisory Council, and promised to “give investors a 10-year plan to choose Britain.”
The Government will focus its strategy on advanced manufacturing, clean energy industries, creative industries, defence, digital and technologies, financial services, life sciences, and professional and business services.
The green paper, which will be published on the day of the International Investment Summit, which will bring together UK leaders, as well as investors and businesses from across the world.
Reynolds is expected to tell delegates that the Industrial Strategy will put Britain back on the global stage and help attract investment into the most productive parts of the economy.
Reynolds 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.”
Reeves said: “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.”
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.
Ahead of establishing a statutory body, the Government is introducing an interim advisory council, with the first meeting and announcement of full membership expected in the coming weeks.
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.”
John Harrison, chair of Airbus UK, said: “Airbus welcomes the inclusion of advanced manufacturing in the Government’s Industrial Strategy as a vital opportunity to build on the successful partnership between government and the aerospace sector.
“As one of the most technologically advanced businesses in the UK, we also welcome the strong focus on innovation, which is crucial to driving future growth and maintaining the UK’s global competitiveness in aerospace and defence.”
Paul Nowak, general secretary of the TUC, said: “For the past fourteen years, Conservative governments have caused chaos and confusion which has led to havoc for our economy and left us falling behind.
“As the US and European countries entered a race to build the industries of the future, the UK has been standing still.
“With this industrial strategy, the government has a chance to press the accelerator, with faster growth in key sectors to give Britain independent energy, clean industry, and world-leading technology.
“It is right that jobs will now be at the heart of the strategy – as the Government set out, success will mean high-quality, well-paid employment across the country, backed by decent treatment for people at work.
“Unions look forward to working with Government and businesses to develop detailed plans and deliver the strategy.”
