Business leaders from around the UK came together just prior to Christmas to offer the Government independent advice and recommendations as it develops a new, modern Industrial Strategy. Designed to support the Government’s growth mission, the strategy will help maintain a ‘pro-business environment to capture a greater share of internationally mobile investment and motivate domestic business to boost their investment and scale up their growth’. It will also aim to channel support to sectors and geographical clusters that have the highest growth potential for the next decade.
The Government says it wants the UK to be a prime investment opportunity for business, adding that the Industrial Strategy, and the Industrial Strategy Advisory Council, will be key to giving investors the solid foundation on which to build. Hosted at Lloyds Insurance in London, members used the first meeting to discuss investment, innovation, and breaking down barriers to growth in key sectors, as well as some emerging themes in responses to October’s Industrial Strategy Green Paper.
Chancellor of the Exchequer Rachel Reeves said: “Driving long-term economic growth requires ambition and collaboration. With the Industrial Strategy Advisory Council, we are bringing together the brightest minds to inform our Industrial Strategy and deliver growth that will improve living standards and that can be felt across every corner of the UK. Focusing on growth-driving sectors, our highest potential city regions and clusters, and how the pro-business environment can help them thrive, the Council will also monitor and evaluate impact, with data and analysis central to this mission.
“Council members will now embark on an extensive programme of engagement to take account of views from businesses, academia, devolved governments and local leaders throughout the UK, building on the more than 3,000 consultation responses received in response to October’s Green Paper.”
The Council will be an independent body, reporting to the Chancellor and the Business and Trade Secretary and with powers and responsibilities designed to and ensure it will be permanent and independent.
Chaired by Clare Barclay, Microsoft’s EMEA president for Enterprise and Industry, the Council will inform and monitor both the development and delivery of the Industrial Strategy over the long term, ensuring policy interventions are informed by a broad and high-quality evidence base. Membership of the Council includes ‘ex-officio members’ providing cross-Government join-up on the Government’s key goals. She said: “Our mission is to provide a clear, independent voice on behalf of business, nations, regions, and trade unions, as we look to inform the development of the Industrial Strategy, helping to create a strong business environment that will help our growth-driving sectors thrive.”