What is the Industrial Strategy?
The Industrial Strategy was published by the Government in November 2017 and sets out its vision to create a modern economy that boosts productivity and earning power throughout the UK.
Foundations of Productivity
The Industrial Strategy is based around five ‘Foundations of Productivity’ to transform the economy. 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.
- Places – prosperous communities across the UK.
In addition, the Industrial Strategy also sets out four ‘Grand Challenges’ to put the UK at the forefront of industries of the future. These are:
- AI and Data Economy
- Future of Mobility
- Clean Growth
- 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.
In July 2018, Leicester and Leicestershire was one of only six Local Enterprise Partnership areas invited by Government to prepare a Local Industrial Strategy in wave two of the process.
You can find all Industrial Strategy policy papers on the central government website.