Industrial strategy focus on four pillars for future UK growth
The Government has released its Industrial Strategy with a focus on four ‘growth industries’, set for billions of pounds in extra investment.
Robotics and data technology, ‘clean growth’, pharmaceuticals and medical services and autonomous mobility will be the four pillars of Britain’s future industry, according to the Business Department’s White Paper, ‘Building a Britain Fit for the Future.’
Trade minister Greg Clark said the Government’s plans "will ensure Britain continues to be at the forefront of innovation and represents a huge vote of confidence in our Industrial Strategy."
Labour condemned the paper as "made up of re-announced policies" and predicted its was unlikely to help those out of the 'Golden Triangle' of London, Oxford and Cambridge.
Terry Scuoler, Chief Executive of EEF, the manufacturers’ organisation, said: “The introduction of a new industrial strategy is key to supporting efforts to improve productivity and invest in not just current industries, but those of the future which are set to radically change the ways in which people live and work.
“The white paper acts as a good foundation for a new partnership with industry where Government and business can ensure consistency in policy thinking and implementation to ensure the UK is world leader in these new technologies.
“And by introducing independent scrutiny of the progress of these plans, the government is signalling that there will be a strong focus on measuring delivery which boardrooms will recognise and welcome.”
Business Finance analyst Carl D’Ammassa, at investment bank Aldermore, said: “It is early days for the Government’s new Industrial Strategy, however it appears that the lofty ambitions for the Strategy are yet to translate into awareness. The green paper was announced to much fanfare earlier this year, however our recent Future Attitudes study, which surveyed over a thousand senior SME decision makers across the UK, revealed an astonishing lack of awareness about the Strategy, with fewer than three in ten (29 per cent) small and medium-sized enterprises claiming to have heard about it…
“Businesses are clearly indicating a need for greater support particularly as they are looking to scale up, and a vital part of this is access to finance, which is something we at Aldermore are committed to, enabling the UK’s SMEs to get on with supporting and boosting the UK economy.”
The white paper pledges more investment in maths and technical education, as well as the creation of regional growth hubs such as ‘the Northern Powerhouse’, ‘the South Wales Crucible’ and ‘the North-West Coastal Arc’.