The UK government has launched its long-awaited industrial strategy ahead of a key investment summit in London on Monday.
Announcing the plan earlier today, the government said its industrial strategy would “promote long-term growth in key sectors that are sustainable, resilient and distributed across the country”, with the Business Secretary saying “we will give investors a choice”. “We will give you a 10-year plan that will give you space.” UK’.
The government’s industrial strategy will focus on eight ‘growth-driving sectors’. clean energy industry. creative industry. Defense; Digital and Technology. financial services. Life science. Professional and Business Services.
Jonathan Reynolds, Minister for Business and Trade, and Rachel Reeves, Minister for Finance, have written a Green Paper to start delivering the Industrial Strategy. The paper will be published tomorrow, the day of the International Investment Summit, which brings together UK leaders, prominent investors and businesses from around the world. There, Mr Reynolds will tell delegates that the industrial strategy will help put Britain back on the world stage and attract investment to the most productive parts of the UK economy.
Businesses in the UK and abroad are asked to respond to the Industrial Strategy Green Paper, providing an opportunity to inform stakeholders of the continued development of the strategy and ensure it has a tangible impact on people and communities across the UK.
We seek input from businesses, international investors, trade unions and other stakeholders on the overall vision, approach to growth areas and the policy measures needed to foster investment.
The Government has also launched a new supply chain task to assess where supply chains critical to the UK’s economic security and resilience (including supply chains in growth-promoting sectors outlined in the Industrial Strategy) are vulnerable to disruption. We plan to establish a force. The task force will ensure that governments work with businesses to address these risks and create the conditions necessary to ensure growth.
Stephen Phipson, CEO of Make UK, said: “We live in a very different world than we did 10 years ago, and simply leaving economic and industrial strategy to the free market is an outdated ideology. This is a welcome step towards addressing the economic Achilles’ heel that makes the country an outlier among the developed world. In particular, it provides a clear vision of how the resources of each department can be mobilized.
The head of Microsoft UK is appointed as head of the Industrial Strategy Advisory Committee
Alongside the publication of the green paper, the government will also announce that Claire Barclay, CEO of Microsoft UK, will become chair of the Industrial Strategy Advisory Board. The Council works with businesses, trade unions, local governments, local leaders, academia and stakeholders to inform the development of industrial strategy through its expertise and the latest evidence.
In the King’s Speech, the Government pledged to place the Council on a statutory basis, give it powers and responsibilities, and ensure that it is permanent and independent.
Claire Barclay said of her new role: “As Chair of the Industrial Strategy Advisory Council, I will ensure that the Industrial Strategy Advisory Council has a clear and strong voice on behalf of businesses, countries, regions and trade unions as we invest in our future. ‘to ensure that our prosperity is underpinned by strong growth in key sectors across the country. ”
“While we fully embrace today’s industry, we must also have a clear plan for future growth. The Advisory Board will play a central role in developing and delivering this plan. .”
Jonathan Reynolds, Secretary of State for Business and Trade, said: “Our modern industrial strategy will ensure stability for investors and give them the confidence to plan not just for next year but for the next 10 years and beyond.”
“This is the next step in our pro-worker, pro-business plan and will give investors and workers alike the security and stability they need to succeed.
“Claire’s wealth of talent and experience will help ensure we deliver on the Industrial Strategy’s mission of unlocking the potential of high-productivity sectors, driving growth, spreading wealth and boosting jobs across the UK. I guess.”
Rachel Reeves MP, Chancellor of the Exchequer, added: We have the brightest minds and greatest businesses in the world. From creative industries and life sciences to advanced manufacturing and financial services.
“This Government is determined to deliver on Britain’s potential to rebuild Britain and improve the lives of every part of the country.”
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