The UK Government has published its Industrial Strategy Green Paper today, inviting businesses to help shape its vision for a modern industrial strategy to boost long-term growth and investment in key sectors.
The government has opened an official consultation, “Invest 2035: The UK’s Modern Industrial Strategy,” marking the first industrial strategy launch in seven years. The document coincides with the government’s International Investment Summit, held in London today (October 14, 2024), bringing together UK leaders, high-profile investors, and businesses from across the world.
Business and Trade Secretary Jonathan Reynolds and Chancellor Rachel Reeves introduced the strategy, highlighting its focus on eight high-growth sectors: advanced manufacturing, clean energy, creative industries, defence, digital technologies, financial services, life sciences, and professional services. These sectors are set to drive resilient, sustainable growth across the country, aiming to make Britain a prime destination for global investment.
Reynolds emphasised the importance of long-term planning, stating, “Our modern Industrial Strategy will hardwire stability for investors and give them the confidence to plan not just for the next year, but for the next 10 years and beyond.”
The government has also established an interim Industrial Strategy Advisory Council, chaired by Clare Barclay, CEO of Microsoft UK, to help steer the initiative. Barclay expressed her commitment to ensuring the strategy benefits both today’s industries and future sectors.
Over the last 25 years, the top 30% of sectors ranked by productivity in 1997 generated roughly 60% of the economy’s entire productivity growth. The Industrial Strategy will channel support to sectors and geographical clusters with the highest growth potential for the next decade. The strategy also includes plans to safeguard supply chains critical to the UK’s economic resilience, ensuring they are equipped to handle future challenges.
Views are sought from businesses, international investors, unions and any other interested parties on the overall vision, approach to growth sectors and the policy levers needed to drive investment.
This move is widely seen as a major step forward for the UK’s industrial future, with industry leaders welcoming the government’s commitment to stability and growth.
Make UK CEO Stephen Phipson said: “With the welcome announcement of the Industrial Strategy Advisory Council Chair and, the Council being put on a statutory footing, industry will no longer fear the constant chop and change in policy we have seen over the last decade or so and can focus on the long term – it is important that the Government is delivering on its promises.”
Read the Invest 2035: The UK’s Modern Industrial Strategy.
The consultation closes at 11:59pm on 24 November 2024.