If you’ve not got the time to read 130 pages – here is our two-minute briefing on the Industrial Strategy.
Weakness – The UK lags behind Germany, France, US and Italy in terms of productivity.
What the government wants to do:
- Put the UK at the forefront of AI, machine learning and the data revolution
- Maximise the advantages from clean growth for UK industry
- Be the world leader in shaping the future of mobility
- Harness the power of innovation to meet the needs of an ageing population
Five Foundations of productivity
Ideas – New ideas, new ways of doing things, new products, new services and new technologies.
Increase investment in research and development to 2.4% of GDP by 2027
Increase research and development tax credit to 12%
Invest £725m in new Industrial Strategy Challenge Fund programmes
Establish a new technical education system – T-levels
Invest an additional £406m in maths, digital and technical education
Create a new National Retraining Scheme
Deliver 3m apprenticeship starts by 2020
Invest in transport, housing and digital infrastructure
Invest in electric vehicles and charging infrastructure
Invest in 5G and full-fibre networks
Launch partnerships between Government and industry aimed at increasing productivity
Establish a new £2.5bn investment fund for innovative and high potential businesses
Launch a review of the most effective ways of improving the productivity and growth of small and medium-sized businesses
Places – prosperous communities
Agree local industrial strategies, work with mayors, combined authorities, local authorities and LEPs to drive growth.
Create a transforming cities fund for projects that drive productivity by improving transport connections.
Provide £42m to pilot a teacher development premium