The Government has published a Green Paper setting out its vision for a modern Industrial Strategy and seeking views and evidence to inform its development.
The Industrial Strategy – a 10-year plan with the aim of delivering certainty and stability for UK businesses – will focus on eight sectors identified as growth driving: advanced manufacturing, clean energy industries, creative industries, defence, digital and technologies, financial services, life sciences and professional and business services.
Its primary objective will be to deliver ‘long-term sustainable growth’ that is supportive of ‘Net Zero, regional growth, and economic security and resilience.’
To drive the UK government’s growth mission, the strategy engages on complex issues, including:
- skills
- competition
- technology adoption
Government is asking for views on its approach, including evidence, analysis, and policy ideas. It welcomes input from a range of partners, including:
- businesses
- experts
- unions
- local and regional actors
- other interested parties
The deadline for responses is 24th November 2024.
As part of the consultation, Government is asking how to identify the most important subsectors and technologies within the eight sectors set out, how emerging sectors and technologies should be accounted for, and how foundational sectors and value chains should be incorporated.
It is seeking views on the key enablers and barriers to growth and investment, how skills gaps could be addressed, and what can be done to achieve a step change in employer investment in training. It also considers the barriers to commercialising research and development and what challenges or barriers to sharing and accessing data could be removed.
Further areas where insight is being sought include:
- how investment into infrastructure can support the Industrial Strategy
- what the barriers are to competitive industrial activity and increased electrification
- examples of how to support businesses on energy
- where regulation can be reformed or introduced
- what the main factors are that influence businesses’ investment decisions
- what the main barriers faced by companies seeking finance to scale up in the UK are or by investors seeking to deploy capital
- financial instruments that could encourage strategic investment
- how international partnerships can support the Strategy
- which international markets offer the greatest opportunity
- how high-potential clusters should be characterised
- what interventions are needed to make strategic industrial sites ‘investment ready’
- how the strategy should align with devolved economic strategies
- how the Industrial Strategy Council should interact with key stakeholders
- how to monitor and evaluate the Strategy, including metrics
Rachel Reeves, Chancellor of the Exchequer and Jonathan Reynolds, Secretary of State for Business and Trade, in a joint Foreword to the Green Paper have stated:
“Our industrial strategy will be driven by what business needs to succeed.
“That is what this green paper is for. An industrial strategy developed in a vacuum, detached from practical realities, is no strategy at all. It is essential that this strategy is informed by the experiences of the individuals, businesses, and local communities it will support.
“We need the input of mayors and multinationals, councils and CEOs, trade unions, devolved governments, and experts to deliver prosperity through partnership. That is why we are asking for your input now to shape what will be a shared endeavour between private enterprise and public good.”
The Open Consultation can be found here:
