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).
The LLEP Board has agreed to develop a Local Industrial Strategy Prospectus by the summer of 2018.
This will then be used as the basis of further discussions with Government around the development of a full Local Industrial Strategy for Leicester and Leicestershire.
The Prospectus will be a concise document and will focus on four or 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 will be sector focused and will demonstrate local strengths and opportunities.
It will be aligned to the Industrial Strategy’s five foundations of productivity and four Grand Challenges and will focus on growth, productivity and sectors of national importance.
Five sectors have been agreed by the Board for inclusion in the Prospectus. These are:
• Advanced Logistics
• Advanced Manufacturing and Engineering
• Life Sciences
• Space, Data and Digital Technology
• Textiles – Design, Manufacturing and Technology
How can I get involved?
To help develop the Prospectus, the LLEP would like to hear your views on what you think are the key challenges, priorities and interventions needed to improve local growth and productivity.
The LLEP is hosting five round table discussion events during w/c 14 May. If you would like to participate please click the booking link of the round table discussion you would like to join.
|Advanced Logistics||10.00 to 12.00||Thursday 17 May||Magna Park||Advanced Logistics Round Table|
|Engineering & AM||14.00 to 16.00||Friday 18th May||Loughborough University||Manf & Eng Round Table|
|Life Sciences||13.00 to 15.00||Wednesday 16 May||Charnwood Campus||Life Sciences Round Table|
|Space Data / Digital Technology||10.00 to 12.00||Tuesday 15th May||National Space Centre||Space Data & Digital Round Table|
|Textiles – Design, Manufacturing & Technology||10.00 to 12.00||Monday 14th May||De Montfort University||Textiles Round Table|
We are also developing a short survey that can be completed online. The link will be added here as soon as the survey goes live. The survey will be open until 31 May 2018.