The government's new industrial strategy whitepaper was officially unveiled on Monday, 27 November. It aims to improve productivity with a focus on meeting four "grand challenges".
Last August Theresa May announced plans for a new Cabinet committee with the aim of developing what she called a "proper industrial strategy" for all parts of the UK. The aim being to drive up productivity up and down the country. Today saw the publication of that strategy with a focus on four key challenges.
Meeting these challenges head on will involve exploiting the opportunities of (and guarding against inherent risks) artificial intelligence, clean growth, our ageing society, and the future of mobility.
When it comes to boosting productivity it suggests focus in five areas in particular - ideas, people, infrastructure, business, development and place.
The Government has also set a goal of increasing research and development investment throughout the economy to 2.4% of GDP come 2027 (it's currently at 1.7% of GDP when you combine public and private spend). The target augments the plans to increase the R&D tax credit to 12%, recently announced in the Budget.
The strategy, so far, has been broadly welcomed with many stating it has identified the key challenges that will need to be addressed for businesses to remain competitive. Some have, however, suggested that a focus on delivery will be crucial rather than grand announcements - consistency over what some view as tinkering.
