Member Article

Government to unveil Industrial Strategy white paper today

The government is set to unveil a new white paper on Industrial Strategy later this morning, presenting a long-term plan for how Britain can boost business and productivity.

Following announcements made in the recent Autumn Budget, the government is specifically targeting growth amongst the life sciences, construction, artificial intelligence and automotive sectors with a series of new deals.

Each deal represents a new strategic and long-term partnership with government, backed by private sector co-investment.

Business Secretary Greg Clark explained: “We are at one of the most important, exciting and challenging times there has ever been in the history of the world’s commerce and industry.

“Powered by new technology, new industries are being created, existing ones changing and the way we live our lives – as workers, citizens and consumers – transformed.

“We are an open, flexible economy, built on trade and engagement with the world. We have a competitive business environment with a deserved reputation for being a dependable and confident place to do business, thanks to our high standards, respected institutions and a reliable rule of law.

“We are renowned for innovation and discovery, with some of the best universities and research institutions in the world producing some of the most inventive people on earth.

“We have commercial and industrial sectors – from advanced manufacturing to financial services; from life sciences to the creative industries – which are competitive with the best in the world.

“In this Industrial Strategy we set out how we will maintain and enhance these and other strengths and deploy them to our advantage.

“But any serious strategy should address the weaknesses that stop us achieving our potential, as well as our strengths, and this Industrial Strategy does that.

“Britain’s productivity performance has not been good enough, and is holding back our earning power as a country.

“So this Industrial Strategy deliberately strengthens the 5 foundations of productivity: ideas, people, infrastructure, business environment and places.

“By acting together as a nation, and in a sustained way, to improve the underperforming conditions for productivity we can drive up our earning power.”