UK Government publishes Green Paper with sights on modern Industrial Strategy
IOM3 CEO Dr Colin Church welcomes the policy direction, and talks about the role IOM3 members can play in delivering the strategy.
UK Government has today (14 October) published a Green Paper setting out its vision for a modern Industrial Strategy and seeking views and evidence to inform its development.
The Industrial Strategy – a 10-year plan with the aim of delivering certainty and stability for UK businesses – will focus on eight sectors identified as growth-driving: advanced manufacturing, clean energy industries, creative industries, defence, digital and technologies, financial services, life sciences and professional and business services. It’s primary objective will be to deliver ‘long-term sustainable growth’ that is supportive of ‘Net Zero, regional growth, and economic security and resilience.’
The Green Paper Invest 2035: the UK’s modern industrial strategy sets out the Government’s intention in the Industrial Strategy to bring forward ‘coordinated sector-specific and cross-cutting policies that support businesses to overcome barriers and invest’. These policy areas include people and skills, innovation, energy and infrastructure, the regulatory environment, crowding in investment, and international partnerships and trade. Sector Plans will be designed and published for each of the eight sectors identified in partnership with key stakeholders.
The Paper states that the UK approach will ‘build a strong domestic industrial base across services and manufacturing to gain strategic economic advantage – creating good, well-paid jobs in the green sectors of today and of the future. This includes opportunities presented by the circular economy.’ It outlines that the Industrial Strategy will concentrate efforts on ‘places with the greatest potential for our growth sectors: city regions, high-potential clusters, and strategic industrial sites.’
Government is seeking input to inform and shape development of the new Industrial Strategy and for views on the proposals and approach set out.
As part of the consultation, Government is asking how to identify the most important subsectors and technologies within the eight sectors set out, how emerging sectors and technologies should be accounted for, and how foundational sectors and value chains should be incorporated.
It is seeking views on the key enablers and barriers to growth and investment, how skills gaps could be addressed, and what can be done to achieve a step change in employer investment in training. It also considers the barriers to commercialising research and development and what challenges or barriers to sharing and accessing data could be removed.
Further areas where insight is being sought include:
- how investment into infrastructure can support the Industrial Strategy
- what the barriers are to competitive industrial activity and increased electrification
- examples of how to support businesses on energy
- where regulation can be reformed or introduced
- what the main factors are that influence businesses’ investment decisions
- what the main barriers faced by companies seeking finance to scale up in the UK are or by investors seeking to deploy capital
- financial instruments that could encourage strategic investment
- how international partnerships can support the Strategy
- which international markets offer the greatest opportunity
- how high-potential clusters should be characterised
- what interventions are needed to make strategic industrial sites ‘investment ready’
- how the strategy should align with devolved economic strategies
- how the Industrial Strategy Council should interact with key stakeholders
- how to monitor and evaluate the Strategy, including metrics
Chaired by Clare Barclay, CEO of Microsoft UK, the Industrial Strategy Advisory Council will be established to inform the development of the strategy working with key stakeholders. The first Council meeting and announcement of full membership is expected in the coming weeks.
The Industrial Strategy and growth-driving Sector Plans will be published alongside the Spending Review in Spring 2025.
IOM3 CEO Dr Colin Church FIMMM CEnv, says, ‘This is a welcome step towards the clear policy direction and confidence industry needs to enable investment in the UK, and it’s encouraging that the Industrial Strategy Council will be on a statutory footing. It is good to see the contribution materials, minerals and mining make recognised throughout the Green Paper and for jobs to be highlighted as at the heart of the Strategy. IOM3 members will play a vital role in delivering the Industrial Strategy and have a wealth of insight to offer during its development. I encourage members to get involved and contribute to our response to the consultation to help shape government’s plan and ensure it delivers tangible impact.’
To find out more or to contribute to the IOM3 response, please contact [email protected] by 4 November 2024.
