Help shape the new Industrial Strategy
Posted on 24/01/2017
Have your say on a Green Paper that has innovation in business at the heart of its approach.
On 23 January, the government published a Green Paper outlining its ambitions for the new Industrial Strategy. This marked the beginning of a comprehensive public consultation period on the Industrial Strategy, and we would strongly encourage our communities to respond.
Built around 10 pillars, the Industrial Strategy Green Paper has business innovation woven into its very fabric; from addressing the skills shortage by promoting STEM subjects and technical training programmes to positioning the UK at the leading edge of both existing and emerging technologies worldwide.
There is ambition for increased trade and inward investment, and for replication of the government-industry partnerships that have allowed the automotive and aerospace sectors in the UK to flourish.
With an additional £4.7 billion in R&D funding promised by 2020-21, there is tremendous potential for applied research and the fostering of future talent. Importantly, the government also aims to redress economic imbalance in the regions, with investment in both local roads and major infrastructure projects, such as Hinkley Point C and HS2, underpinned by a continuous drive towards an affordable low-carbon economy.
New funding streams, such as the Industrial Strategy Challenge Fund, could lead to investment in the innovation strengths of different areas, whether led by businesses or universities. KTN is already supporting local strengths through the Smart Specialisation Hub and the new Innovate Local programme; working with regional governments and LEPs to help identify and facilitate viable innovation opportunities.
Here are some of the key things to consider when contributing feedback on the Industrial Strategy Green Paper:
- Does it identify the right areas of focus?
- Are the 10 pillars suggested the right ones to tackle low productivity and unbalanced growth?
- Are the right central government and local institutions in place to deliver an effective industrial strategy?
- Are there important lessons we can learn from the industrial policies of other countries which are not reflected in these ten pillars?