The Industrial Strategy white paper (statement of Government policy) published in November 2017 follows extensive engagement by government with industry, academia and business bodies who submitted almost 2,000 responses to the green paper consultation earlier in 2017.
The strategy unveiled today reflects this engagement, with a new and unique partnership between government, academia and industry, supported by policies that are committed to making the UK economy more productive and giving it a competitive edge in the future and abroad.
The white paper focuses on the 5 foundations of productivity – ideas, people, infrastructure, business environment and places – with a clear and complementary vision for each.
Each foundation is supported by a range of policies designed to provide businesses with certainty and reassurance that the UK will continue to have a competitive edge, including:
- raise total R&D investment to 2.4% of GDP by 2027
- increase the rate of R&D tax credit to 12%
- invest £725 million in new Industrial Strategy Challenge Fund programmes to capture the value of innovation
To ensure that the government is held to account on its progress in meeting the ambitions set out in the strategy, an Independent Industrial Strategy Council will be launched in 2018 to make recommendations to government on how it measures success.
The Marches LEP very much welcomes the long term, industrial strategy and the importance it has given in helping to drive the future of the UK economy.
As a partnership of business, political, university and college leaders, we are fully committed to helping make both the long-term interventions and immediate changes needed. Focussed solely on growth and productivity and we bring together the right people in a “place” to ensure that all pillars of the Industrial Strategy are working together locally. We will work with a range of partners in both Wales and across the Midlands Engine area to improve living standards and economic growth by increasing productivity and driving growth.
More information on the Industrial Strategy can be found here and the green paper, The Marches LEP’s full response to the Industrial Strategy and the white paper are available for download below: