The Government’s ambitious, modern Industrial Strategy sets out a long term plan to boost the productivity and earning power of people throughout the UK, setting out how we are building a Britain fit for the future.
The UK has significant economic strengths on which the Government can build, but the Government needs to do more to increase the productivity and make the most of the untapped potential right across the country. The Government aims to boost productivity and earning power across the country by focusing on the five foundations of productivity: Ideas, People, Infrastructure, Business Environment and Places.
This a long term strategy – making changes now, but also looking to the future. They will start by:
• Committing to raising investment in R&D to 2.4 per cent of GDP by 2027 and announcing £725m in new Industrial Strategy Challenge Fund programmes to drive innovation’
• Investing £406m in maths, digital and technical education as well as creating a new National Retraining Scheme that support people to re-skill’
• Boosting spending on the infrastructure of the future, delivering clean energy and spreading 5G digital connectivity right across the country and £400m for electric vehicle charging points’
• Creating a £1.7bn Transforming Cities Fund for projects that drive productivity by improving connections within city regions’
• Creating an Independent Industrial Strategy Council to develop measures of success and evaluate performance.
The Government is announcing sector deals in construction, life sciences, artificial intelligence and automotive industries and updating on the sectors in advanced discussions and setting out criteria for future deals.The Strategy sets out Grand Challenges to put the UK at the forefront of the industries of the future. The first four Grand Challenges are focused on the global trends which will transform the future: Growing the Artificial Intelligence and Data Driven Economy, Clean Growth, Future of Mobility and the UK’s Ageing Society. The Green Paper responses from nearly 2,000 businesses, organisations and individuals have informed this Strategy.
The Government will use the framework set out in this strategy to work with industry, academia and civil society over the years ahead to build on the UK’s strengths, make more of the untapped potential and create a more productive economy that works for all.
Mark Stansfeld, Chair of Worcestershire Local Enterprise Partnership, said: “I am delighted to see Government’s ambitious plans to boost the UK’s productivity are very much in line with the progress we are already making locally in Worcestershire. This is particularly clear with plans to boost innovation by developing 5G infrastructure across the country.
“Worcestershire has achieved the highest growth in productivity of all LEPs between 2010-15, and we have been working closely with partners to develop a new 5G test bed for Worcestershire, to enable our businesses to boost their productivity even further.”
As Ministerial Champion for the Midlands Engine, the Rt. Hon Sajid Javid MP supported the Industrial Strategy with an open letter to the businesses of the Midlands. The letter can be viewed here.
To find out more and see how your business can benefit from the Industrial Strategy, visit the Government website here.