UK needs bold and ambitious industrial strategy

Katherine Bennett, CEO of the High Value Manufacturing Catapult, has welcomed the launch of the government’s new industrial strategy saying it must be ‘bold and ambitious’.

Business and Trade Secretary, Jonathan Reynolds, and the Chancellor of the Exchequer, Rachel Reeves, have published a green paper to kickstart delivery of the industrial strategy, the first in seven years.

The key sectors the government will focus on are: advanced manufacturing; clean energy industries, creative industries; defence; digital and technologies; financial services; life sciences; and professional and business services.

Clare Barclay, CEO of Microsoft UK, will chair the Industrial Strategy Advisory Council which will inform the development of the industrial strategy through its expertise and latest evidence, working with business, trade unions, devolved governments, local leaders, academia and stakeholders.

Katherine Bennett CBE, CEO of the High Value Manufacturing Catapult, said:

The UK needs a bold and ambitious industrial strategy. With the stability it provides, businesses can harness innovation to drive productivity, scale-up supply chains, transform their approach to skills and compete on a global stage.

“The UK manufacturing sector is the engine behind our net zero ambitions and sustainable economic growth; the green paper, with its recognition of advanced manufacturing, will provide an invaluable framework for the next ten years.

“This roadmap and the subsequent industrial strategy will enable the High Value Manufacturing Catapult, with the support of Innovate UK, to accelerate the industrial transformation the UK needs to attract major investment, secure high-value jobs and build national resilience.

Business and Trade Secretary Jonathan Reynolds MP said:

Our modern industrial strategy will hardwire stability for investors and give them the confidence to plan not just for the next year, but for the next 10 years and beyond.

This is the next step in our pro worker, pro business plan which will see investors and workers alike get the security and stability they need to succeed.

Clare’s wealth of talent and experience will help ensure the industrial strategy delivers its mission of unleashing the potential of high productivity sectors to spur growth, spread wealth, and drive-up employment across the UK.

Chancellor of the Exchequer Rachel Reeves MP said:

I have never been more optimistic about our country’s potential. We have some of the brightest minds and greatest businesses in the world. From the creative industries and life sciences to advanced manufacturing and financial services.

This Government is determined to deliver on Britain’s potential so we can rebuild Britain and make every part of the country better off.