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.

ENDS