17 Jul Delivering the UK’s Modern Industrial Strategy
The UK is one year into the delivery of the Modern Industrial Strategy, a 10-year
plan focused on increasing business investment to drive economic growth. It
is about building great companies, creating high-quality jobs and supporting
communities throughout the UK.
The Industrial Strategy targets action
where it will have the greatest impact:
in eight key sectors that define the UK’s
21st-century economy, those frontier
technologies and specialties that are
particular strengths and the foundational
industries critical to their success.
The pace of technological and industrial
change is accelerating. New capabilities,
shifting global competition and emerging
industries are reshaping where investment
flows and where future growth will be
created. The Industrial Strategy is helping
ensure the UK remains one of the world’s
leading places to innovate, invest and
grow businesses in the industries that will
shape the future economy.
The ‘IS-8’ – advanced manufacturing,
clean energy industries, life sciences,
creative industries, financial services,
digital and technologies, defence and
professional and business services –
are found in communities across the
country and their benefits are tangible.
IS-8 are more productive than the UK
national average and pay their workers
£7,900 more annually. They create
dynamic clusters of business and research
institutions that spread growth and share knowledge through places. Their
successes are felt by the whole nation.
When they win, everyone wins.
There are strong interdependencies
across the IS-8 sectors. Defence, clean
energy and advanced manufacturing
can help develop and scale dual-use
technologies. The digital and technologies
sector drives innovation across the
wider economy. Financial services
unlock investment and professional and
business services support the adoption,
commercialisation and diffusion of these
innovations across sectors.
Businesses, trade unions, local
government and academia told us that
what was most needed from the UK
government was a consistent, coherent
long-term plan that made clear choices.
A plan that builds a partnership between
national government, local authorities
and business, and that addresses the
hurdles and uncertainties hampering
investment. Too often businesses had
been left to navigate the obstacles alone,
while star companies moved abroad and
communities saw jobs and opportunities
pass them by.
Twelve months in, the Industrial Strategy
is starting to give businesses certainty
and confidence, with joined-up decisions
and faster action on infrastructure,
planning decisions, energy support, skills
gaps, regulatory burdens, the capital
for innovative companies, and how
government backs UK firms to compete
and export globally.
To read the full report, click here