Government to launch industry strategy to tackle UK's poor productivity

Trevor Jackson
November 29, 2017

In the strategy, the government has identified 4 Grand Challenges; global trends that will shape our rapidly changing future and which the United Kingdom must embrace to ensure we harness all the opportunities they bring.

Business Secretary Greg Clark said the Strategy "deliberately strengthens the five foundations of productivity: ideas, people, infrastructure, business environment and places", to address current weaknesses and ultimately boost the country's earning power.

Over the next three years, £725 million will be put towards the Industrial Strategy Challenge Fund to help make the United Kingdom the most innovative nation in the world by 2030.

This will include £170 million to transform the construction sector and help create affordable places to live and work that are safer, healthier and use less energy, and up to £210 million to improve early diagnosis of illnesses and develop precision medicine for patients across the UK.

"The government now needs to follow up on this promising white paper with concrete support for the AD sector so it can deliver its huge potential across the United Kingdom".

It says that construction is now expensive and too many buildings waste energy.

The government and the construction sector, through the Construction Leadership Council (CLC), have agreed a sector deal to transform the productivity of the sector benefiting the wider economy.

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The white paper pledges more investment in maths and technical education, as well as the creation of regional growth hubs such as "the Northern Powerhouse", "the South Wales Crucible" and "the North-West Coastal Arc". This is expected to reduce environmental impact, improve efficiency and reduce whole life cost of new projects and the buildings to ensure new homes, schools, hospitals and major transport projects that are needed are built.

The government also confirmed that it is pressing ahead with a stream of Sector Deals, with Life Sciences included in the first batch. So what's the problem with Greg Clark's industrial strategy? The green paper was announced to much fanfare earlier this year, however our recent Future Attitudes study, which surveyed over a thousand senior SME decision makers across the United Kingdom, revealed an astonishing lack of awareness about the Strategy, with fewer than three in ten (29 per cent) small and medium-sized enterprises claiming to have heard about it... They are artificial intelligence, clean growth, mobility and innovative ways to help an aging society.

Over the next three years, the government will investment £725m through its Industrial Strategy Challenge Fund (ISCF).

Towards this goal, a new programme entitled "Prospering from the energy revolution" will be launched where local smart energy systems will be developed and action on the smart meters rollout will be enhanced.

The Government has vowed to spend 2.4% of GDP on R&D by 2027, which it hopes will an extra £80bn in advanced technology in the next 10 years.

The full Industrial Strategy white paper can be read on the government's website.

The government is calling two major new investments in the United Kingdom by pharma firms a "huge vote of confidence" in its approach to industrial strategy.

Other reports by TheDailyFarc

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