UK launches industrial strategy
Business Secretary Greg Clark has launched an Industrial Strategy for the UK with a plan to boost the economy, build on the country’s strengths and embrace the opportunities of technological change.
The main points are:
- Industrial Strategy Challenge Fund will invest £725 million in new Industrial Strategy Challenge Fund programmes to capture the value of innovation
- First ‘Sector Deals’ – construction, artificial intelligence (AI), automotive and life sciences – to help sectors grow and equip businesses for future opportunities. Talks on a creative industries sector deal are continuing, led by the Creative Industries Council.
- Four ‘Grand Challenges’ which will take advantage of global trends to put the UK at the forefront of the industries of the future
The four challenges are:
- artificial intelligence – we will put the UK at the forefront of the artificial intelligence and data revolution
- clean growth – we will maximise the advantages for UK industry from the global shift to clean growth
- ageing society – we will harness the power of innovation to help meet the needs of an ageing society
- future of mobility – we will become a world leader in the way people, goods and services move
The Prime Minister has already announced an ambition to increase the level of investment in research and development (R&D), rising from 1.7% to 2.4% of GDP by 2027. This could mean around £80 billion of additional investment in advanced technology in the next decade, helping to transform whole sectors, create new industries, and support innovation across the country.