Industrial Strategy Green Paper Published

The Chancellor and the Business and Trade Secretary launched the government’s much-anticipated Industrial Strategy on 14th October, saying it will “create a pro-business environment and play to the UK’s strengths”.

Business and trade secretary Jonathan Reynolds said the “modern Industrial Strategy will hardwire stability for investors and give industry the confidence to plan for the next 10 years and beyond”.

The plan will focus on eight growth-driving sectors:

• Advanced manufacturing
• Clean energy industries
• Creative industries
• Defence, digital and technologies
• Financial services
• Life sciences
• Professional and business services

Reacting to news of the launch of the Government’s Industrial Strategy, Shevaun Haviland, Director General of the BCC, said: 

“An industrial strategy is a key plank of the UK’s growth agenda; it is vital in securing the long-term stability that businesses need to plan ahead and invest.  

“But it must deliver on that promise, and it needs to set out clearly how we will leverage the country’s competitive advantage. Alongside the key growth sectors of the economy, it must also integrate each region’s strengths into the plan. 

“We need to send a message to the world that the UK is the best place to start, grow and invest in business, and create a new ‘Brand Britain 2.0’ that builds on the past but looks to the future. 

“This means putting green and digital innovation at the heart of what we do, investing in infrastructure and skills, removing barriers to investment and putting more energy and resources into exporting. The more we sell to the world, the stronger our economy will be. 

“Establishing a new supply chain taskforce, to increase resilience is also essential. The pandemic, war in Ukraine, and the Middle East crisis, have all highlighted the UK’s deep connectivity with global markets for energy, medicines, communications technology and manufacturing components.” 

Consultation

The government also published a green paper on the strategy in which it says it intends to establish a “credible 10-year plan to deliver the certainty and stability businesses need”.

It is looking to work “in partnership” with business to develop the official strategy and has launched a public consultation to facilitate this.

The BCC team is seeking views and responses from the Chamber Network. Please share any thoughts by Friday 15 November with us here.