British flag and the Gherkin, London
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Jamie Hardesty

This week’s hot topic: Understanding May’s Industrial Strategy

We began this week by reporting that Prime Minister Theresa May will use her first regional Cabinet meeting (taking place today, Monday 23) tolaunch proposals for a Modern Industrial Strategy.

Since taking office last year, following Brexit and David Cameron’s subsequent resignation, the new PM has increasingly integrated plans for an ‘Industrial Strategy’ into party rhetoric.

This is, of course, May’s economic policy. However, until today we’ve known very little as to what that actually means.

Now, it seems that the government is starting to formulate and communicate such plans for Britain’s economic growth after leaving the European Union and for building a stronger and more productive British economy for years to come.

The full green paper, outlining the Industrial Strategy, can be accessed here.

Plans

The Modern Industrial Strategy green paper sets out a plan to improve living standards and economic growth by increasing productivity and driving growth across the whole country, according to the government.

The plan, which is surmised here, sets out ten strategic pillars to underpin a new government approach.

What about the Northern Powerhouse?

In the previous leadership, plans for improving the productivity of England’s North - a Northern Powerhouse - were very much George Osborne’s baby and the key pillar in his plans to boost Britain’s economic activity.

May has kept Powerhouse plans as a part of her strategy, with the Northern Powerhouse sitting within her overall Industrial Strategy view.

£556m has been allocated to the North to help close the productivity gap between its regions and the South.

New projects include the construction of an International Advanced Manufacturing Park in Sunderland and South Tyneside and £10m for the Greater Manchester and Cheshire Life Sciences Fund, amongst others.

Moreover, the 11 Local Enterprise Partnerships in the Northern Powerhouse have each been allocated funding. A breakdown can be viewed here.

Share your thoughts

Look out for our bulletins this week where we’ll be sharing business reactions at a regional level.

In the meantime why not comment below and tell us what you think?

Are you convinced that an Industrial Strategy will make for a better Britain post-brexit? Is the government doing enough to help you at a local level? How do you expect Theresa May to shape the future of the Northern Powerhouse?

The UK is set to leave the EU on 31 October 2019. Are you preparing for Brexit? Complete the North East Growth Hub and Tees Valley Business Compass’ 3-minute survey →

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