New industrial strategy launched

The government has a launched an industrial strategy that it claims will reignite the country’s industrial heartlands and kick-start economic growth. The new strategy was unveiled on the eve of the government’s investment summit, which brings together leaders from across the global investment market. Business and trade secretary Jonathan Reynolds and chancellor of the exchequer Rachel Reeves will later today publish a green paper to kick-start delivery of the strategy, which aims to drive long-term growth in key sectors that is sustainable, resilient and distributed across the country. Eight growth sectors have been identified in the strategy. They are: advanced manufacturing, clean energy industries, creative industries, defence, digital and technology, financial services, life sciences, and professional and business services.  The strategy will be led by Microsoft UK chief executive Clare Barclay. Reynolds said: “Our modern industrial strategy will hardwire stability for investors and give them the confidence to plan not just for the next year, but for the next 10 years and beyond. This is the next step in our pro-worker, pro-business plan, which will see investors and workers alike get the security and stability they need to succeed.” Reeves added: “I have never been more optimistic about our country’s potential. We have some of the brightest minds and greatest businesses in the world. From the creative industries and life sciences to advanced manufacturing and financial services. This government is determined to deliver on Britain’s potential so we can rebuild Britain and make every part of the country better off.” Barclay promised to ensure a “clear and strong voice on behalf of business” as chair of the strategy’s advisory council. Reeves and Reynolds said the strategy would create a pro-business environment to capture a greater share of internationally mobile investment in strategic sectors and motivate domestic businesses to boost investment and scale up their growth.  Consultation on the industrial strategy green paper opens at 9.30 this morning. Businesses up and down the country are invited to share their thoughts on the overall vision, approach to growth sectors and the policy levers needed to drive investment. The consultation closes on 24 November. Photo by imageBROKER/Shutterstock