27 Nov 2017
Industrial strategy to be announced by a government hoping to improve productivity
The government is expected to announce that it has secured a multi-million pound investment as it unveils its industrial strategy White Paper. They hope the proposal will improve productivity and increase investment into Britain.
Business Secretary Greg Clark said:
“Powered by new technology, new industries are being created, existing ones changing and the way we live our lives – as workers, citizens and consumers – transformed.”
He insisted the UK was an open, flexible economy, built on trade and engagement with the world. This included a competitive business environment, renowned for innovation and discovery, and with commercial and industrial sectors that were competitive against the best in the world.
Admitting Britain’s productivity performance had not been good enough, in recent times, and was holding back our earning power as a country, Mr Clark added:
“This Industrial Strategy deliberately strengthens the five foundations of productivity: ideas; people; infrastructure; business environment and places.
“By acting together as a nation, and in a sustained way, to improve the underperforming conditions for productivity we can drive up our earning power”.
Today’s White Paper follows extensive engagement by Government with industry, academia and business bodies, which submitted almost 2,000 responses to the Green Paper consultation earlier in 2017.
In the Strategy, the Government identifies four “grand challenges”, global trends that will shape the country’s rapidly changing future, and made clear the UK must embrace and lead to ensure it harnessed all the economic and social opportunities they brought. These “grand challenges” include: Artificial intelligence, clean growth, an ageing society and future mobility.
This could mean around £80bn of additional investment in advanced technology in the next decade, helping to transform whole sectors, create new industries, and support innovation across the country.