Business leader welcomes Government's business strategy

Marie Harrington
November 29, 2017

The newly announced sector deal for construction will be crucial for the whole supply chain over the coming years, especially if we are to help government achieve its aims of building more homes and improving the UK's infrastructure. As well as AI, the strategy also makes a big play for future of mobility, with the pledge that the United Kingdom will become "a world leader in the way people, goods and services move".

The BMF is pleased to see the Industrial Strategy recognise and showcase the construction industry through the announcement of a Construction Sector Deal.

Each foundation is supported by a range of policies created to provide businesses with certainty and reassurance that the United Kingdom will continue to have a competitive edge, such as raising total R&D investment to 2.4 percent of GDP by 2027; increasing the rate of R&D tax credit to 12 percent; and investing £725 million in new Industrial Strategy Challenge Fund programmes, "to capture the value of innovation". "Raising digital literacy goes hand in hand with maintaining and building on productivity gains in the industry, that continue to outpace the United Kingdom average, and supports the Government's aspiration of a digital economy that works for all".

Clark said: "The Industrial Strategy is an unashamedly ambitious vision for the future of our country, laying out how we tackle our productivity challenge, earn our way in the future, and improve living standards across the country".

"We welcome the strategy's plan to champion apprenticeships, and in particular the announcement of new funding of £60m to support apprenticeship take-up by young people and poorer families from disadvantaged areas", she said.

Over the next three years, the government will investment £725m through its Industrial Strategy Challenge Fund (ISCF).

The Business Secretary has today announced the plan for UK's Industrial Strategy with a focus on harnessing technological opportunity.

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"Both AI and mobility are named in a series of so called 'Grand Challenges" which also include "clean growth" and an "ageing society". "The NHS has a proud history of spearheading medical innovation and today's investment in our strong and growing life sciences sector will see patients in the United Kingdom continue to benefit from world-leading research and pioneering medicines".

"The white paper follows extensive engagement by government with industry, academia and business bodies who submitted nearly 2,000 responses to the green paper consultation earlier in 2017".

The Industrial Strategy is meant to push the United Kingdom towards the forefront of the data-driven revolution. "Yet, as a vital UK-wide vehicle for employer investment in skills, it is disappointing that apprenticeships are not explicitly recognised as a key route for driving up productivity".

The strategy will take advantage of global trends to put Britain at the forefront of the industries of the future, according to the Department of Business, Energy and Industrial Strategy.

"Addressing the UK's well-documented digital skills gap remains a major obstacle to overhauling the productivity slump. Our research indicates that big data and the Internet of Things can create 182,000 new jobs in these sectors from 2015-2020, and inject £322 billion of additional revenue into the United Kingdom economy".

This will see £246 million invested into battery technology.

"We now need to work with BEIS to promote well-functioning markets for secondary raw materials, the key foundation for the UK's ability to create a low-carbon, resource efficient economy".

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