The Coastal West Sussex Partnership welcomes the recently released Industrial Strategy – a government plan to boost productivity and earning power of people across the UK.
Business Secretary Greg Clark launched the Industrial Strategy on 27th November, setting out a long-term vision for how Britain can build on its economic strengths, address its productivity performance, embrace technological change and boost the earning power of people across the UK.
Key information included:
- The Industrial Strategy Challenge Fund will invest £725 million in new Industrial Strategy Challenge Fund programmes to capture the value of innovation.
- This includes £170 million to transform the construction sector and help create affordable places to live and work that are safer, healthier and use less energy. Up to £210 million will be invested to improve early diagnosis of illnesses and develop precision medicine for patients across the UK.
- First ‘Sector Deals’ to go ahead. These are within construction, artificial intelligence (AI), automotive and life sciences – to help sectors grow and equip businesses for future opportunities. These new strategic and long-term partnerships with government, backed by private sector co-investment.
- World-leading life sciences company MSD confirmed investment to open new state-of-the-art hub in the UK, ensuring innovative research into future treatments for patients and pioneering medicines are completed in Britain.
- Five foundations of productivity announced – ideas, people, infrastructure, business environment and places – each foundation is supported by a range of policies designed to provide businesses with certainty and reassurance that the UK will continue to have a competitive edge..
- An additional £406 million will be invested in maths, digital and technical education, helping to address the shortage of science, technology, engineering and maths (STEM) skills.
- A new National Retraining Scheme that supports people to re-skill will be introduced, beginning with a £64 million investment for digital and construction training.
- The National Productivity Investment Fund will increase to £31 billion, supporting investments in transport, housing and digital infrastructure.
- The digital infrastructure will be boosted with over £1 billion of public investment, including £176 million for 5G and £200 million for local areas to encourage roll out of full-fibre networks.
- A new transforming cities fund will be created, provide £1.7 billion for intra-city transport; this will fund projects that drive productivity by improving connections within city regions.
Caroline Wood, Director of the Coastal West Sussex Partnership said:
“The Industrial Strategy is an ambitious plan, focusing on building on the country’s economic strengths and embracing new technologies and innovative sectors. The challenge will be in the detail and trying to better understand the opportunities for coastal communities.
“We’re especially pleased to see that £406 million will be invested in maths, digital and technical education, helping to address the shortage of science, technology, engineering and maths (STEM) skills.”
Read the Industrial Strategy in full here: https://www.gov.uk/government/topical-events/the-uks-industrial-strategy.