10 October 2016

  |  CBI Updates Team

Update

Industrial Strategy needs long-term and joined-up vision

In response to the BIS Select Committee inquiry into the future of Industrial Strategy in the UK, the CBI has highlighted a number of priorities designed to build confidence and prosperity, by unlocking growth and productivity across the regions and nations of the UK.

Industrial Strategy needs long-term and joined-up vision

The response highlighted a number of key points, including:

  • Whether national, regional or local, industry and government must work in partnership to deliver a long-term, joined-up and proactive vision for UK industrial strategy.To ensure that an industrial strategy in the UK delivers more than the sum of its individual parts, long term commitment, whole government ownership and alignment across all levels of government will be critical.
  • Industrial Strategy should continue a sector-led approach, supporting sectors in which the UK holds a competitive advantage, building on the momentum already developed in recent years. Built on the bedrock of an internationally competitive business environment in areas such as tax, regulation and education, the UK’s industrial strategy must seek to ‘tilt’ the playing field in favour of the UK’s existing competitive advantages, rather than ‘picking winners’.
  • A ‘place-based’ approach is important to industrial strategy, driving prosperity by leveraging strengths across all parts of the country. A number of important policy levers that can help to deliver an effective industrial strategy are now at the level of nations and regions, including skills, innovation and infrastructure. It is more critical than ever that action to boost productivity at the local level links up with a national strategy to deliver policies that are tailored to each part of the UK’s industrial strengths. Whatever department, wherever the region, our strategy must pull in the same direction.

For further information, the full submission is here.