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Industrial Strategy: Business Secretary Greg Clark introduces the Government's productivity push

23 January 2017

Read an excerpt from DeHavilland's live coverage of the Government's Industrial Strategy launch and download our in-depth briefing on the strategy, featuring everything you need to know.

The Industrial Strategy would reduce inequality and support future growth by providing business certainty at a time of international flux, the Government said today.

Brexit impact

Delivering a Statement to the House of Commons on the Government’s Industrial Strategy, Business Secretary Greg Clark highlighted the context of Brexit, declaring that the Government was committed to a modern Industrial Strategy that would improve productivity and boost economic growth across the country, providing a lasting legacy.

He cited his aim of extending British excellence in key sectors and universities by investing in R&D, and also emphasised the context of international competition when it came to inward investment and the financial sector in particular.

Regional growth

He pointed to the importance of supporting research, relevant local skills and supply chains, and emphasised his desire to end the inequalities in productivity observed between different UK areas.

“We must address these long tails of underperformance” in order to ensure sustainable living standards growth, he said.

Competitiveness

Dr Clark also said he aimed to make the UK one of the most competitive places in the world to start or grow a business.

He criticised industrial strategies of the past as representing “strategies of incumbency” with an undue focus on protecting existing market players.

Investment

Thus, the Government had identified ten “pillars” of its Industrial Strategy, he announced.

He listed these aims, citing:

 

  1. Investment in science, research and innovation
  2. Skills development
  3. Infrastructure upgrades
  4. Support for startups and scaleups
  5. Improved Government procurement
  6. Encouraging trade and inward investment
  7. Delivering affordable energy and clean growth
  8. Cultivating worldleading sectors
  9. Driving growth across the whole country
  10. Creating the right institutions to bring together sectors and places

 

He pointed to major infrastructure projects such as Hinkley Point C, Heathrow expansion and HS2, and said that to build on this, the Government would be conducting reviews in certain areas, and overhauling technical education.

Public policy ought to act as a force of stability in an uncertain world, he declared, citing his aim of ensuring investor confidence in decisionmaking.

Participation

Thus, the Government wanted to ensure the “full involvement” of the business community across the nation.

Concluding, he explained that the Government was inviting collaborative contributions to the Green Paper format of the Industrial Strategy.

The pieces in the productivity puzzle

Shortly after the Government published its Industrial Strategy Green Paper, DeHavilland subscribers received an in-depth roundup briefing containing all the key announcements by sector, plus essential stakeholder reactions.

Click here to get your complimentary copy of the briefing now.

Arran Russell, Head of Service
Arran Russell
Head of Service

Arran manages the work of DeHavilland's Service teams in London and Brussels. A graduate of the University of Manchester, he has previously worked for the CIPD and Westminster Forum Projects.