Launch of UK's Industrial Strategy

The UK’s Industrial Strategy sets out an ambitious plan to boost productivity and earning power throughout the country by 2030.
 
The Strategy identifies five key foundations for a successful productive economy: Ideas, People, Infrastructure, Business Environment and Places.
 
Read on and join us for the Industrial Strategy Update from Gareth Davies, UK Director General, Business & Science on 15th December 2017.
On the 15th of December, join us as Gareth Davies, UK Director General, Business & Science, provides an overview of the Industrial Strategy and how the UK plans to connect with international partners in these areas.
 
More details on the event here.
 
Boosting Productivity
 
The Government aims to make the UK the world’s most innovative economy (‘Ideas’) by raising total research and development (R&D) investment to 2.4% of GDP by 2027, including an additional £7bn for R&D by 2021/22.  It will help develop technologies of the future by investing £725m in the new Industrial Strategy Challenge Fund to better capture the value of innovation.  It will help bring ideas to market by increasing the rate of R&D tax credit to 12%.  And it will launch a new International Research and Innovation Strategy in 2018 to enhance global engagement.
 
To create good jobs and greater earning power for all (‘People’) the Government will develop a technical education system to match the UK’s world-class higher education system.  A major programme of reform will include the creation of new technical qualifications and employer-designed apprenticeships.  An additional £406m will be invested in maths, digital and technical education; and a new National Retraining Scheme will be created to support people to re-skill, starting with digital and construction training.
 
An increase of £31bn in the National Productivity Investment Fund will contribute to a major upgrade to the UK’s physical and digital infrastructure (‘Infrastructure’).  The Government will prioritise innovation in clean infrastructure and support electric vehicles through a £400m charging infrastructure investment and an extra £100m to extend the plug-in car grant.  The Government will also boost the UK’s digital infrastructure with over £1bn of public investment, including £176m for 5G and £200m for local areas to encourage roll-out of full fibre networks.
 
The Government also aims to make the UK the best place to start and grow a business (‘Business Environment’) by rolling out Sector Deals. These partnerships between government and industry will focus on increasing sector productivity.  The first Sector Deals are in life sciences, construction, artificial intelligence and the automotive sector.  The Government will drive over £20bn of investment in innovative and high potential businesses, including through establishing a new £2.5bn Investment Fund, incubated in the British Business Bank.   And it will conduct a review focused on addressing productivity issues in SMEs.
 
Local Industrial Strategies will be agreed to help build prosperous communities across the UK (‘Place’), building on regional strengths and developing shared policy and funding priorities over the long term.  A new Transforming Cities fund will provide £1.7bn for intra-city transport and improving connections within city regions.
 
Tackling Grand Challenges
 
The Strategy identifies ‘Grand Challenges’ to encourage collaboration between government, business, academia and civil society to innovate and develop new technologies and industries in strategic areas.  The first four focus on global trends that will transform the future:  
 
• Growing the AI and data-driven economy – we will embed AI across the UK by creating new institutions to increase the application of AI and data-driven technologies; 
• Clean Growth – the UK will lead in the development, manufacture, and use of low carbon technologies by fostering energy efficiency and green finance;
• Future of Mobility – we will have fully self-driving vehicles on UK roads by 2021 and will support the transition to zero emissions vehicles;
• Ageing Society – we will use innovation to support the wellbeing of an ageing population, including utilising National Health Service datasets and developing new products.
 
Taken together, these are the first actions of a long-term approach to transform the UK’s productivity and earning power as a nation. It is an opportunity to strengthen collaboration between the UK government and overseas governments, business and academia on our respective long-term economic strategies.  
 
The overlap between the UK and Singapore’s Committee for the Future Economy report is clear. So the UK wants to work closely with Singapore’s Government, businesses and investors on these shared priorities, capitalising on the UK-Singapore Economic & Business Partnership to share experience on economic policy and the commercialisation of R&D.  The moment is ripe for the UK and Singapore’s open, forward-thinking and innovative economies to work together to ensure they stay at the cutting edge of future growth opportunities.
 

Click here to view and download the White Paper - Industrial Strategy: Building a Britain Fit for the Future.

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