Industrial Strategy ‘a signal of intent that will be welcomed by workers’

The UK government’s 10-year Industrial Strategy to boost investment in several major sectors of the economy will be welcomed by workers across the country, says Prospect.

The government says that the plan will create more than a million new well-paid jobs over the next decade, and make “Britain the best place to do business.”

Among the actions points unveiled by the government are:

• Upskilling the nation with an extra £1.2 billion each year for skills by 2028-29;
• Boosting R&D spending to £22.6bn per year by 2029-30 to drive innovation;
• Reducing planning timelines and cutting costs for developers, by hiring more planners;
• Unlocking billions in finance for innovative business, especially for SMEs by increasing British Business Bank financial capacity to £25.6 billion;
• Slash electricity costs by up to 25% from 2027 for electricity-intensive manufacturers in growth sectors and foundational industries in their supply chain.

The sector plans that have been released today, Monday, 23 June, include: Advanced Manufacturing, Clean Energy Industries, Creative Industries, Digital and Technologies and Professional and Business Services.

The plans for Defence, Financial Services and Life Sciences will be published at a future date.

Mike Clancy, Prospect General Secretary, responding to the Industrial Strategy, said:

“The absence of a serious industrial strategy has held back the UK economy for years, and today’s announcement is a signal of economic intent from the government that will be welcomed by workers across the country.

“There is much to welcome in the strategy, including the focus on developing high growth sectors like energy, defence, tech and the creative industries, and on creating high wage jobs in every region and nation.

“Ultimately, this strategy will be delivered not by politicians, but by the workforce, and the strategy will only be as strong as the skills commitments behind it. Government must redouble efforts on skills to maximise the potential of this plan, ensuring that the Department for Education and Skills England are fully aligned behind this strategy and working with unions and employers to urgently produce ambitious workforce plans for the key sectors identified.”

More information about the government’s industrial strategy can be found here.