The government’s ambitious, modern Industrial Strategy sets out a long term plan to boost the productivity and earning power of people throughout the UK.
It sets out how it intends to build a Britain for the future by focusing on the five foundations of productivity: Ideas, People, Infrastructure, Business Environment and Places.
It is a long term strategy – making changes now, but also looking to the future by:
- Committing to raising investment in R&D to 2.4% of GDP by 2027 and announcing £725m in new Industrial Strategy Challenge Fund programmes to drive innovation;
- Investing £406m in maths, digital and technical education as well as creating a new National Retraining Scheme that supports people to re-skill;
- Boosting spending on the infrastructure of the future, delivering clean energy and spreading 5G digital connectivity right across the country and £400m for electric vehicle charging points;
- Creating a £1.7bn Transforming Cities Fund for projects that drive productivity by improving connections within city regions;
- Creating an Independent Industrial Strategy Council to develop measures of success and evaluate performance.
The Strategy sets out Grand Challenges to put the UK at the forefront of the industries of the future. The first four Great Challenges are focused on the global trends which will transform the future: Growing the Artificial Intelligence and Data Driven Economy, Clean Growth, Future of Mobility and our Ageing Society.
The Green Paper responses from nearly 2,000 businesses, organisations and individuals have informed the Strategy.
To find out more and see how you can benefit visit https://goo.gl/Ko5e1F