What is the Industrial Strategy?
The aim of the Industrial Strategy is to create an economy that boosts productivity and earning power throughout the UK.
It is a long-term plan that provides a policy framework against which major private and public sector investment decisions can be made.
The Industrial Strategy is based around five foundations of productivity. These are:
• Ideas – the world’s most innovative economy
• People – good jobs and greater earning power for all
• Infrastructure – a major upgrade to the UK’s infrastructure
• Business Environment – the best place to start and grow a business
• Place – prosperous communities across the UK
In addition, four Grand Challenges have also been included to put the UK at the forefront of the industries of the future. These are:
• Artificial Intelligence and Data Economy – putting the UK at the forefront of the artificial intelligence and data revolution
• Future of Mobility – becoming a world leader in the way people, goods and services move
• Clean Growth – maximising the advantages for UK industry from the global shift to clean growth
• Ageing Society – harnessing the power of innovation to help meet the needs of an ageing society
The Grand Challenges are an invitation to business, academia and civil society to work together to innovate and develop new technologies and industries in areas of strategic importance to the UK.
Further information on the Industrial Strategy can be found at: www.gov.uk/industrial strategy
What are Local Industrial Strategies?
Local Industrial Strategies are plans that will strengthen local economic growth and productivity and reduce regional disparities.
They will identify priorities to improve skills, increase innovation and enhance infrastructure and business growth.
They will also guide the use of local funding streams as well as funding devolved down to local areas from national schemes.
Local Industrial Strategies will be long-term, based on clear evidence and aligned to the national Industrial Strategy.
They will identify local strengths and challenges, future opportunities and the action needed to boost productivity, earning power and competitiveness.
The Government intends to agree the first Local Industrial Strategies by March 2019 and will prioritise areas with the potential to drive wider regional growth, focusing on clusters of expertise and centres of economic activity.
What is happening in Leicester and Leicestershire?
Within Leicester and Leicestershire, the development of the Local Industrial Strategy is being led by the Leicester and Leicestershire Enterprise Partnership (LLEP).
A Local Industrial Strategy Prospectus has been produced – see Downloads below
The LLEP area has been included in the 2nd wave of Local Industrial Strategies. Therefore, this prospectus is now being used as the basis of further discussions with Government around the development of a full Local Industrial Strategy for Leicester and Leicestershire.
The Prospectus is a concise document focusing on five key defining ambitions that:
• Represent the distinctiveness of Leicester and Leicestershire.
• Are based on sector and place strengths.
• Reflect cross-border partnership growth opportunities.
• Are strategic and long-term.
• Are co-produced with Government departments, MPs and ministers.
• Are evidence based.
• Reflect the ambitions of the national Industrial Strategy and Midlands Engine Vision for Growth
The Prospectus is sector focused and demonstrates local strengths and opportunities.
It is aligned to the Industrial Strategy’s five foundations of productivity and four Grand Challenges and is focused on growth, productivity and sectors of national importance.
The five sectors agreed by the LLEP Board for inclusion in the Prospectus are:
• Advanced Logistics
• Advanced Manufacturing and Engineering
• Life Sciences
• Space, Data and Digital Technology
• Textiles – Design, Manufacturing and Technology