Fit for the future
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 we can build, but we need to do more to increase our productivity and make the most of our untapped potential right across the country.
The government, backed by Local Enterprise Parnerships (LEPs), will boost productivity and earning power across the country by focusing on the five foundations of productivity: Ideas, People, Infrastructure, Business Environment and Places.
The publication of the Industrial Strategy recognises the role LEPs are already undertaking in driving economically led growth and will play in leading the delivery of this Strategy.
This a long term strategy – making changes now, but also looking to the future. The government 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 our performance.
The government are 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.
Andrew M Smith, Chairman of Buckinghamshire Thames Valley Local Enterprsie Partnership, said: “Buckinghamshire has many world leading businesses and business clusters operating at the centre of the Oxford to Cambridge Growth Corridor. Many of these - including Robert Bosch, Silverstone, GE Healthcare, Johnson & Johnson, Boundless Productions & Pinewood Studios - are operating at the heart of the automotive technologies, life-science and creative industry sectors and will be critical in delivering the success of the new strategy.”
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 our future: Growing the Artificial Intelligence and Data Driven Economy, Clean Growth, Future of Mobility and our Ageing Society.
The Green Paper responses from nearly 2,000 businesses, organisations and individuals have informed this Strategy.
Andrew M Smith added: “We are pleased to see that many of the points highlighted within the BTVLEP consultation response are included within the final strategy document and in particular the need to support areas with high levels of productivity such as ours - to further increase innovation, support international trade and improve connectivity to help all businesses deliver their full economic potential.”
“We welcome the commitment to additional and sustained funding to help LEPs delivery strategy objectives and the commitment of the Prime Minister to meet with LEP Chairs for a bi-annual council to inform future national policy making.”
To view summary of the key points of the Industrial Strategy click here