Government unveils new Industrial Strategy white paper

Industrial Strategy

The government has published a white paper outlining a new ‘ambitious’ Industrial Strategy, which aims to boost the UK economy and ‘embrace the opportunities of technological change’.

The white paper sets out a long-term vision for how the UK can ‘build on its economic strengths’, improve its productivity performance, embrace technological change and increase UK workers’ earning power.

Within the paper, the government also committed to investing an additional £725 million over the upcoming three years in the Investment Strategy Challenge Fund, which will be used to help improve the UK construction sector and create new, affordable places to live and work.

Commenting on the white paper, Prime Minister Theresa May said: ‘Our modern Industrial Strategy will shape a stronger and fairer economy for decades to come.

‘It will help create the conditions where successful businesses can emerge and grow, and support these businesses in seizing the big opportunities of our time, such as artificial intelligence and big data, whilst also making sure our young people have the skills to take on the high-paid, high-skilled jobs this creates.’

Meanwhile, the British Chambers of Commerce (BCC) welcomed the white paper. BCC Director General, Dr Adam Marshall, stated: ‘Businesses will welcome the sense of mission that infuses the Industrial Strategy, as well as its assessment of the challenges and opportunities that the UK faces, particularly as both businesses and government look to forge a new path beyond the European Union’.

The white paper can be read in full here.