UK Government backs clean growth in new Industrial Strategy plans

UK Government backs clean growth in new Industrial Strategy plans

The UK Government has unveiled its new Industrial Strategy to boost the economy and see the country embrace technological innovations on its route to decarbonisation.

The Government today published its industrial strategy to make Britain more productive as two pharma giants announced a £1bn investment in Britain that will create up to 1,750 high-skilled jobs.

This will include £170 million to transform the construction sector and help create affordable places to live and work that are safer, healthier and use less energy, and up to £210 million to improve early diagnosis of illnesses and develop precision medicine for patients across the UK.

With the aim of making the United Kingdom the "world's most innovative nation by 2030", the government has committed to investing a further GBP725m over the next 3 years in the Industrial Strategy Challenge Fund (ISCF). The first sector deals focus on life sciences, construction, AI and the transport sector. The strategy will help these sectors grow and equip businesses for future opportunities, backed by private sector co-investment.

He said: "Renewables are set to become the backbone of our modern energy system and the plummeting cost of wind power means onshore and offshore wind can help improve the competitiveness of United Kingdom industry".

Ahead of the signing of the "Life Sciences Sector Deal", due in the next few weeks, the government has confirmed today that world-leading life sciences company MSD is set to make a major investment into the United Kingdom economy with the opening of a new state-of-the-art United Kingdom hub, helping ensure innovative research into future treatments for patients and pioneering medicines are completed in Britain.

The US drugmaker intends to create 150 new research roles in London and move around 800 existing United Kingdom jobs to the capital.

The strategy "heralds a new approach to how government and business can work together to shape a stronger, fairer economy", Mrs May said in the foreword to the document.

"As we leave the European Union and forge a new path for ourselves, we need to focus on building a better future for our country and all the people who live in it".

"We believe that the strong integration of cross strategy themes such as stimulating productivity, growth and exports; investment in research; investment in innovation; investment in infrastructure; attracting and retaining a skilled, fit for objective workforce are fundamental linkages in the Industrial Strategy".

The Strategy has been welcomed by members of the green business community, with Aldersgate Group's chief executive Nick Molho describing it as a clear signal that clean growth is part of the UK's mainstream economic strategy.

"It is clear that the United Kingdom can, through a collaborative partnership between government, industry, academia, charities and the NHS, deliver the next wave of innovation that will benefit patients, transform the health care system, and generate economic growth and improved productivity".

"If the Government wants to help improve productivity, it needs to help us".

"We are renowned for innovation and discovery, with some of the best universities and research institutions in the world producing some of the most inventive people on earth". The UK is well-placed to benefit from this new industrial revolution and we start from a position of significant strength. We have a thriving research and science base and are home to a wide range of innovative sectors, from advanced manufacturing and life sciences, to fintech and creative industries.

The uplift will help transform the United Kingdom economy and drive a long-term change in the use of R&D by industry, ensuring that the next generation of innovative technologies that create high-skilled jobs, revolutionise productivity and improve living standards, are produced in Britain.

"We are exporting our skills and knowledge worldwide, winning multimillion-pound contracts in wind and marine energy - if this industrial strategy fully supports these world-leading sectors, it can drive growth across all parts of the United Kingdom and create tens of thousands of high-value jobs".

'The move to cleaner economic growth - through low carbon technologies and the efficient use of resources", it says "is one of the greatest industrial opportunities of our time.

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