Monday, 23 January 2017

Theresa May To Announce Biggest Investment Strategy

Theresa May

Theresa May is set to announce plans for the biggest investment in transport, broadband and energy in a generation to "back Britain for the long term”.

The Prime Minister will on Monday launch her industrial strategy for the UK, pledging to develop new technologies across the country and make it easier for companies to do business in the UK.

Central to the strategy will be spending and development of digital industries like broadband and 5G mobile technology.

The Prime Minister will also cut red tape to ensure businesses are not hampered by regulation.

A £4.7billion fund to pay for research and development into smart energy technologies, robotics, artificial intelligence and 5G mobile network technology is a bigger increase that in any Parliament since 1979, Downing Street said.

The Prime Minister will also announce a £556 million boost for the so-called "northern powerhouse".

Mrs May will tell her first regional Cabinet meeting, in the north-west, that to succeed after leaving the European Union the UK needs a strategy to create a group of new industries to challenge the companies of today.

Ahead of the meeting, the Prime Minister said: "The modern industrial strategy will back Britain for the long term: creating the conditions where successful businesses can emerge and grow, and backing them to invest in the long-term future of our country.

"It will be underpinned by a new approach to government, not just stepping back but stepping up to a new, active role that backs business and ensures more people in all corners of the country share in the benefits of its success."

Theresa May

Industry leaders are carrying out work on early sector deals in life sciences, the transition to ultra-low emission vehicles, industrial digitalisation, creative industries and improving competitiveness and skills in the nuclear industry.

But the Government is prepared to work with any sector that can unite behind strong leadership to address shared challenges.

The industrial strategy Green Paper, which will be subject to consultation before ministers return with more specific proposals, also sets out ideas to bolster institutions in each part of the country to support that region's specific strength.

That could involve building up local trade bodies, creating new educational institutions, making it easier for firms to access finance outside London or getting a stronger business voice into local government.

Greg Clark, the Secretary of State for Business, Energy and Industrial Strategy, said: "This is an important step in building a modern, dynamic industrial strategy that will improve living standards and drive economic growth across the whole country.

"A modern British industrial strategy must build on the UK's strengths and extend excellence into the future; close the gap between the the UK's most productive companies, industries, places and people and the rest; and ensure we are one of the most competitive places in the world to start and grow a business.

"We are inviting businesses and workers to contribute to this vision to help us create a high-skilled economy where every place can meet its potential."

The Green Paper will set out ten strategic pillars to underpin a new government approach to industry, including “Investing in science, research and innovation”, “upgrading infrastructure” and “delivering affordable energy and clean growth”.

Theresa May

Among the projects in the north of England are the Goole Intermodal Terminal to link the town's existing rail, sea, motorway and waterway links to one site and a £10 million life sciences innovation fund for Manchester and Cheshire firms.

Blackpool will get a new conference centre and hotel at the Winter Gardens to help re-establish the town as a leading conference destination.

Business leaders have welcomed the industrial strategy.

Adam Marshall, Director General, British Chambers of Commerce said: “The developing Industrial Strategy represents a crucial first milestone in a renewed partnership between business and government, working together to create the conditions for future growth.

“Business communities across the UK will be pleased to see that harnessing the potential of our cities, towns and counties lies at the heart of the government's approach to Industrial Strategy. There are dynamic business communities in every corner of the UK - and it is their future success that will make our country more competitive and more prosperous.

“A deliberate and steady approach that leads to long-term change is the right way to go."

The ten pillars of the industrial strategy
  1. Investing in science, research and innovation
  2. Developing
  3. Upgrading infrastructure
  4. Supporting businesses to start and grow
  5. Improving procurement
  6. Encouraging trade and inward investment policy
  7. Delivering affordable energy and clean growth
  8. Cultivating world-leading sectors
  9. Driving growth across the whole country
  10. Creating the right institutions to bring together sectors and places



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