A new industrial strategy to drive forward growth will be unveiled tomorrow (MON) with support targeted at eight key sectors.
The plan is to “reignite” Britain’s industrial heartlands and kick-start prosperity while providing stability for investors.
Britain’s new industrial strategy is designed for growth (Image: Getty Images/iStock Exclusive)
Ministers will hope the announcement will let the Government move on from the furore generated by Transport Secretary Louise Haigh’s call for a boycott of P&O Ferries. It was claimed this could have jeopardised £1billion investment by parent company DP World.
P&O Ferries was attacked for its treatment of staff after it sacked 800 seafarers in March 2022. There will be relief across Whitehall that DP World will still attend the International Investment Summit.
The Prime Minister has said that Ms Haigh’s call for a boycott is “not the view of the Government”. He is on a mission to present Britain as an ideal place to invest.
Clare Barclay, the boss of Microsoft UK will chair a new and permanent “industrial strategy advisory council” with powers and responsibilities set out in law.
The eight sectors that the Government is betting will deliver growth are advanced manufacturing; clean energy industries, creative industries; defence; digital and technologies; financial services; life sciences; and professional and business services.
Ms Barclay will provide advice developed together with business groups, trade unions and other voices from across the country.
Business Secretary Jonathan Reynolds has promised investors a “10-year plan to choose Britain”.
The strategy’s goals are set out in a green paper published tomorrow. A priority is delivering long-term growth which is “sustainable, resilient and distributed across the country”.
Chancellor Rachel Reeves said: “I have never been more optimistic about our country’s potential. We have some of the brightest minds and greatest businesses in the world. From the creative industries and life sciences to advanced manufacturing and financial services.
“This Government is determined to deliver on Britain’s potential so we can rebuild Britain and make every part of the country better off.”
Microsoft UK’s Ms Barclay said: “Whilst we fully embrace the industries of today, we must also have a clear plan for future growth, and the advisory council will play a central role in shaping and delivering this plan.”
A consultation will give people the chance to shape the new strategy.
Stephen Phipson, chief executive of manufacturer’s organisation Make UK, said: “We live in a world which is massively different to a decade ago and simply leaving the economy and, industrial strategy, to the free market is an ideology which is long past its sell by date. This is a welcome first step in addressing the Achilles’ heel of the economy which has left the UK an outlier among advanced countries.”
