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The Government's industrial strategy opens for consultation

Bhavna Dooman our consultant managing the role
Posted by Bhavna Dooman
Published on 23 January 2017

Prime Minister Theresa May has launched the government’s industrial strategy at her first regional cabinet meeting. A key part of the Government’s post-Brexit plan, the strategy aims to help deliver a high-skilled, competitive economy and meet the challenges facing the UK over the coming years.

As part of the green paper that sets out the proposed approach and early actions, the Government has identified ten pillars they believe are important to drive the industrial strategy:

  • Investing in science, research & innovation
  • Upgrading infrastructure
  • Improving procurement
  • Delivering affordable energy & clean growth
  • Driving growth across the whole country
  • Developing skills
  • Supporting businesses to start & grow
  • Encouraging trade & inward investment
  • Cultivating world-leading sectors
  • Creating the right local institutions

As part of the Government’s pledge to invest in R&D and boost the role of science and innovation in the UK’s economy, an additional £4.7bn of funding will be provided by 2020-21, and the paper is seeking views on priorities for this investment.

With life sciences identified as one of the UK’s world-leading sectors, Sir John Bell has committed to leading work on a new strategy to make the UK the best place in the world to invest in the sector.

There are also plans to boost science, technology, engineering and maths (STEM) skills at all levels to meet the current shortages, particularly through encouraging uptake at university and increasing the number of PHDs and research fellowships. The Government has also pledged £170m in funding to create a network of Institutes of Technology.

The paper starts a public consultation, which will be open until 17th April 2017. The green paper and online survey can be accessed through the CitizenSpace online consultation platform.