11 October 2018
8 December 2017
Government's white paper reveals flagship industrial strategy
CBI welcomes the Government’s industrial strategy white paper and calls for clarity on how to ensure all regions benefit from local industrial strategies.
November saw the release of the Industrial Strategy white paper, which outlines the Government’s vision for the UK economy. Centring on actions to help put the UK on the path to stronger levels of productivity growth, the strategy aims to make Britain the world’s most innovative economy, create good jobs, increase earning power and to deliver a major upgrade to the UK’s infrastructure networks to boost prosperity across the UK and make the UK the best place to start and grow a business.
To help underpin these aims, the Industrial Strategy white paper announced five foundations of productivity: ideas, people, infrastructure, business environment and places as well as four sector deals and the introduction of ‘Grand Challenges’. Joining these three strands together will be a monitoring body (similar in style to the OBR) to ensure that this Industrial Strategy delivers.
Responding to the white paper, CBI director-general, Carolyn Fairbairn, welcomed the recognition that success will require urgent action in partnership with business. Carolyn went on to say that this is a time for action, consistency and determination - not perpetual change with the political headwinds.
Read the CBI’s response to the Industrial Strategy white paper
Detailed within the paper are several pleasing announcements for the CBI, such as the creation of an Independent Strategy Council to develop, measure success and evaluate the strategies performance. Other highlights include: the commitment to raise investment in R&D by 2027 and the announcement of £725m for the new Industrial Strategy challenge fund programmes which aims to drive innovation. These announcements reflect the asks which the CBI called for in its Industrial Strategy green paper submission.
Additionally, businesses up and down the country will welcome investment of £406m in maths, digital and technical education, boosting spending on the infrastructure of the future and creating a £1.7bn transforming cities fund for projects that drive productivity by improving connections within city region.
Following the white paper’s publication, the CBI will be working with government to make a success of this Industrial Strategy, including the publication on the timelines of the upcoming sector deals and clarity on how to ensure all regions benefit from local industrial strategies.
Alongside this, the CBI will be holding events for members across the UK to help business vocalise what should go into local industrial strategies.
For more information please contact Mia.Anderson@cbi.org.uk