Industrial Strategy launched

Government has unveiled its new Industrial Strategy this week, setting out a long-term plan to boost productivity across the UK.

The Strategy is based on five key areas of focus:

  • Ideas
  • People
  • Infrastructure
  • Business Environment
  • Places

To put the wheels in motion, Government has already committed to:

  • Raising investment in research and development (R&D) to 2.4% of GDP by 2027
  • Investing £725m into a new Industrial Strategy Challenge Fund programme to drive innovation
  • Investing £406m in maths, digital and technical education, as well as creating a new National Retraining Scheme that supports people to re-skill
  • Increasing spending on the infrastructure of the future, delivering clean energy and spreading 5G digital connectivity right across the country and £300m for electric vehicle charging points
  • Creating a £1.7bn Transforming Cities Fund for projects that drive productivity by improving connections within city regions – which includes £74m to the Cambridgeshire and Peterborough Combined Authority to invest in transport projects that will drive productivity by improving connectivity, reducing congestion and introducing new mobility services and technology
  • Creating an Independent Industrial Strategy Council to develop measures of success and evaluate the perform of the new Strategy
  • Announcing sector deal in construction, life sciences, artificial intelligence and automotive industries

The Strategy also sets out “Grand Challenges” designed to put the UK at the forefront of the industries of the future. The first four Grand Challenges are:

  • Growing the Artificial Intelligence and Data Driven Economy
  • Clean Growth
  • Future of Mobility
  • The Ageing Society

At a local level, digital businesses in Cambridge will be receiving a boost as the city becomes home to a Tech Nation Hub. Tech Nation will work with local partners to establish regional business support programmes, mentoring and networking, and link the local tech sector into a UK wide network of hubs.

The Government has also set out an ambitious vision for the Cambridge-Milton Keynes-Oxford Corridor as part of their vision to strengthen the prosperity of the area.

The Green Paper responses from nearly 2,000 businesses, organisations and individuals have informed this Strategy, including a response from the Greater Cambridge Greater Peterborough LEP.

This is the start of our partnership – we will use the framework set out in this strategy to work with industry, academia and civil society over the years ahead to build on the UK’s strengths, make more of our untapped potential and create a more productive economy that works for all.

You can read the full strategy here.