Policy UK: Government announces industrial strategy
UK’s Business Secretary Greg Clark has recently launched the government’s ambitious Industrial Strategy, setting out a long-term vision for how Britain can build on its economic strengths.
With the aim of making the UK the world’s most innovative nation by 2030, the government has committed to investing a further £725 million over the next 3 years in the Industrial Strategy Challenge Fund (ISCF) to respond to some of the greatest global challenges and the opportunities faced by the UK.
The government has previously committed £1 billion to the first wave of Industrial Strategy Challenge Fund projects, including investing £246 million in next generation battery technology and £86 million in robotics hubs across the UK.
Research and development investment
The Prime Minister has also announced an ambition to increase the level of investment in research and development (R&D), rising from 1.7% to 2.4% of GDP by 2027. This could mean around £80 billion of additional investment in advanced technology in the next decade, helping to transform whole sectors, create new industries, and support innovation across the country.
The white paper also confirms that the government will be pressing ahead with a series of sector deals, with construction, life sciences, automotive and artificial intelligence being the first to benefit from these new strategic and long-term partnerships with the government, backed by private sector co-investment. Work will continue with other sectors on transformative sector deals.