Industrial strategy: Theresa May unveils ten-point plan to grow economy
One of Theresa May’s first acts as prime minister was the creation of the Department for Business, Energy and Industrial strategy, suggesting a new direction for government policy
Prime minister Theresa May has announced a ten-point plan that will form the basis of the government’s industrial strategy, targeting regional inequalities and regulatory barriers to support the growth of small businesses across the UK.
The plan sets out the government’s commitment to improving digital and transport infrastructure, procurement opportunities for small firms and affordable energy.
May said that the strategy will align central government infrastructure investment with local growth priorities, suggesting a specific commitment to supporting regional enterprise.
The government’s ten-point plan contains the following pledges:
Investing in science, research and innovation
Developing skills
Upgrading infrastructure
Supporting business to start and grow
Improving government procurement
Encouraging trade and inward investment
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
Alongside the pledges, the Department for Business, Energy and Industrial Strategy (BEIS) has opened a public consultation to gain the views of businesses of every size.
Speaking to the BBC, business secretary Greg Clark said that the consultation would inform [government] priorities for a long-term industrial strategy.
Responding to the pledges, Carolyn Fairbairn, director-general of the Confederation of British Industry (CBI), welcomed specific targeting of low productivity levels and regional inequalities.
a modern industrial strategy will be a landmark opportunity to build a successful, modern economy as the foundation for a prosperous, fairer and more inclusive society, she said in a statement.
our members across every region and nation of the UK will have a fundamental role to play to help shape the thinking and most importantly deliver the impact we all want to see.
Praseeda Nair is the editorial director of Business Advice, and its sister publication for growing businesses, Real Business. She's an impassioned advocate for women in leadership, and likes to profile business owners, advisors and experts in the field of entrepreneurship and management.
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