UK launches modern industrial strategy; 8 growth-driving sectors focus

Microsoft UK chief executive officer (CEO) Clare Barclay will chair the new Industrial Strategy Advisory Council, which will offer expert advice developed in partnership with business, unions and stakeholders.

The industrial strategy will create a pro-business environment and play to the country’s strengths, focusing on eight growth-driving sectors.

The sectors are advanced manufacturing; clean energy industries, creative industries; defence; digital and technologies; financial services; life sciences; and professional and business services.

The government also sought assistance from businesses to help shape the industrial strategy with a green paper to develop the plans in partnership, an official release said.

Both the leaders have prepared a green paper to kickstart delivery of the strategy that is sustainable, resilient and distributed across the country. 

The green paper, released today at the International Investment Summit, will bring together UK leaders, high-profile investors and businesses from across the world.

Views are sought from business, international investors, unions and any other interested parties, on the overall vision, approach to growth sectors and the policy levers needed to drive investment.

“Delivering the government’s sustainable growth mission will be dependent on the success of the partnership it builds with business. A modern, long term industrial strategy can provide firms with the stability and certainty to unlock the innovation and investment needed to grow the economy,” said Rain Newton-Smith, CEO of the Confederation of British Industry, in a statement.

“Given the size of the UK economy, a successful industrial strategy cannot seek to be everything to everyone. By focusing on eight highly productive sectors, the government is identifying where the UK can compete to win on the global stage,” he added.

Fibre2Fashion News Desk (DS)