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May unveils details of Industrial Strategy aimed at boosting R&D and innovation

The Prime Minister Theresa May is to use her first regional cabinet meeting today (Monday) to reveal the details of her grand Industrial Strategy programme aimed at boosting growth, improving the UK’s technical education and drive investment in emerging technologies.

The plans, which will represent significant state intervention in the economy, include ‘Sector deals’ targeted at providing greater support for specific industries as well as greater investment in research and development in key technologies supported by the government’s Industrial Challenge Strategy Fund.

To coincide with the launch at the regional Cabinet meeting in the North West this morning, the government has also released a green paper which identifies smart energy technologies; robotics and AI and 5G mobile network technology, as areas of potential British strengths which could benefit from further investment.

May said: “The Modern Industrial Strategy will back Britain for the long term: creating the conditions where successful businesses can emerge and grow, and backing them to invest in the long-term future of our country.

“It will be underpinned by a new approach to government, not just stepping back but stepping up to a new, active role that backs business and ensures more people in all corners of the country share in the benefits of its success.”

Modelled on current arrangements with the automotive and aerospace industries, businesses in the relevant sectors will be encouraged to band together to make a case for government intervention, which could come in the form of deregulation, help with international trade and the creation of new bodies to support with skills priorities and research.

Business & Energy Secretary Greg Clark said the move was an ‘important step’ in building a ‘modern, dynamic’ industrial strategy.

He added: “A modern British Industrial Strategy must - build on the UK’s strengths and extend excellence into the future; close the gap between the the UK’s most productive companies, industries, places and people and the rest; and ensure we are one of the most competitive places in the world to start and grow a business.”

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