Britain’s New Industrial Strategy

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The British Government has revealed its propositions for a modern industrial strategy, having published a Green Paper on the 23rd January entitled “Building our Industrial Strategy” that details the proposed measures for the UK once it has left the EU. The consultation is open to all sectors of industry and business and the people who work in them and use them.

This industrial strategy aims to support Great Britain in the long term, allowing its businesses to grow and creating better paid and better qualified employment.

The objective is to utilize the UK’s strengths whilst redressing its weaknesses, such as insufficient productivity. This implies that the British Government will play a more active role in supporting its companies whilst making sure the largest amount of its citizens can benefit.

The Industrial Strategy is formed of ten pillars*, notably investing in science, research and innovation which presents a new approach for the UK Government which will make efforts to ensure that public policies, such as in business, infrastructure and teaching will be more coherent, allowing economic opportunities to be more easily identified. This strategy isn’t about naming winners or supporting declining industries, but rather about creating favorable conditions for emerging and growing enterprises across all sectors.

Prime Minister Theresa May has described this Industrial Post-Brexit Strategy as “a plan to shape a new future for the kind of country we will be when we have left. It is a plan to build a stronger, fairer Britain that works for everyone, not just the privileged few. It is a plan for a nation that stands tall in the world and is set up to succeed in the long term.”

The consultation will close 17 April 2017.  The Green Paper can be found here and a summary of the ten pillars can be found here.

*The ten pillars are: “Investing in science, research & innovation”, “Developing skills”, “Upgrading infrastructure”, “Supporting businesses to start & grow”, “Improving procurement”, “Encouraging trade & inward investment”, “Delivering affordable energy & clean growth”, “Cultivating world-leading sectors”, “Driving growth across the whole country” and “Creating the right local institutions”.

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