The UK government has released its much anticipated industrial strategy consultation document Invest 2035: The UK’s Modern Industrial Strategy at its International Investment Summit, taking place at London’s Guildhall and attended by some 200 executives from the UK and overseas.
In launching the document, known as a 'green paper', which the government said is the first industrial strategy for the UK in seven years, Business Secretary Jonathan Reynolds said: “Our Modern Industrial Strategy will hardwire stability for investors and give industry the confidence to plan for the next ten years and beyond.”
This focus on the long-term is underpinned by the appointment of an Industrial Strategy Advisory Council chaired by Microsoft's UK CEO Clare Barclay. This council was highlighted in the King’s Speech with the government pledging to put it on a statutory footing; giving it powers and responsibilities, and ensuring that it is permanent and independent. The first council meeting and announcement of its full membership is expected in the coming weeks.
The green paper, a 66-page document, sets out how an industrial strategy will maximise its impact on growth by stimulating investment and activity in eight sectors with the highest growth potential. These eight sectors are advanced manufacturing; clean energy industries; creative industries; defence; digital and technologies; financial services; life sciences; and professional and business services.
In addition, the government said that it will create a “pro-business environment”, by working with businesses, trade unions, and other experts to help the address challenges to releasing business investment.
Welcoming the development, SCI CEO Sharon Todd said: “SCI has been advocating for a comprehensive Industrial Strategy that champions science-based businesses since August 2023, when it published its Manifesto for an Industrial Science and Innovation Strategy. Key recommendations include establishing an Innovation & Science Growth Council with a direct reporting line to No10, reforming pension funds to encourage investment in start-ups to commercialise their innovations in the UK and simplifying the overly complex R&D tax relief system.
"SCI believes that, with the right conditions and package of support for science-based businesses, the UK should aim to see 15 start-ups scaling to £500m, five unicorns listing in the domestic market, and ten investments of £500m+ being made in manufacturing - all by 2030.”
The green paper is open for consultation, with interested businesses and stakeholders having until 24 November to respond.
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