UK Prime Minister Theresa May is introducing a new 21st century industrial strategy for Britain that seeks to boost growth across all sectors of the UK and spread wealth across the nation.
In her first ‘regional cabinet’ meeting in the north west, the Prime Minister will publish a green paper outlining ways that the government can offer support to businesses and make changes to existing regulations to encourage development in new sectors and boost exports to the rest of the world, calling on businesses and workers “to help us create a high-skilled economy where every place can meet its potential”.
Ms May said in a statement: “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.”
The strategy includes:
- Investing more in science, research and innovation
- Improving infrastructure
- Giving business more support to grow
- Delivering affordable energy and clean growth
- Improving skills
- Pushing for economic growth across the whole of the UK
As part of an effort to boost skilled labour in the UK, the government announced that it will invest £170 million in new technical colleges.
Business and Energy Secretary Greg Clark said: “This is an important step in building a modern, dynamic industrial strategy that will improve living standards and drive economic growth across the whole country.
“A modern British industrial strategy must build on the UK’s strengths and extend excellence into the future, close the gap between 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.
“We are inviting businesses and workers to contribute to this vision to help us create a high-skilled economy where every place can meet its potential.”
The new industrial strategy is being welcomed by the Confederation of British Industry (CBI). The business organisation said that the new plan should help address regional inequalities and productivity problems.
CBI director-general Carolyn Fairbairn commented: “A modern industrial strategy will be a landmark opportunity to build a successful, modern economy as the foundation for a prosperous, fairer and more inclusive society
“It must help fix the country’s productivity problems and remove the regional inequalities that have dogged our country for generations, having a positive impact on living standards, wages and the future opportunities of many people.”