Theresa May is to unveil a new Modern Industrial Strategy today, with plans for the biggest investment in industries including transport and energy.
The Prime Minister will use her first regional Cabinet meeting in the North West to launch the proposals, which she hopes will drive growth and create more high-skilled, high paid jobs and opportunities.
Mrs May is to urge businesses to strike new ‘Sector Deals’ to address sector-specific challenges and opportunities, with investment in research and development to support “industries of the future” such as electric vehicles, biotech and smart energy technologies.
They will be backed through the government’s new Industrial Strategy Challenge Fund, part of £4.7 billion of additional funding announced in November.
The Prime Minister will pledge to offer a range of support, including addressing regulatory barriers to innovation and growth, looking at how the UK can use trade and investment deals to increase exports or supporting the creation of new institutions to boost innovation and skills.
The Modern Industrial Strategy green paper sets out a 10-point plan:
- Investing in science, research and innovation
- Developing skills
- Upgrading infrastructure
- Supporting businesses to start and grow
- Improving procurement
- Encouraging trade and inward investment policy
- Delivering affordable energy and clean growth
- Cultivating world-leading sectors
- Driving growth across the whole country
- Creating the right institutions to bring together sectors and places
The Prime Minister will say: “The Modern Industrial Strategy will back Britain for the long term: creating the conditions where successful businesses can emerge and grow and backing them to invest in the long term future of our country.
“It will be underpinned by a new approach to government, not just stepping back but stepping up to a new, active role that backs business and ensures more people in all corners of the country share in the benefit of its success.”
Business & Energy Secretary Greg Clark will invite businesses and workers “to contribute to this vision to help us create a high-skilled economy where every place can meet its potential”.
The government is also providing £556 million of funding for the Northern Powerhouse to help create jobs, support businesses and encourage growth.
It is consulting on the proposals to build the UK’s Industrial Strategy and is seeking views until 17th April.