Business Secretary Greg Clark has launched the government’s Industrial Strategy
With the aim of making the UK the world’s most innovative nation by 2030, the government has committed to investing a further £725 million over the next three years in the Industrial Strategy Challenge Fund (ISCF) to respond to some of the greatest global challenges and the opportunities faced by the UK. This will include £170 million to transform our construction sector and help create affordable places to live and work that are safer, healthier and use less energy.
The government has previously committed £1 billion to the first wave of Industrial Strategy Challenge Fund projects, including investing £246 million in next generation battery technology and £86 million in robotics hubs across the UK.
Last week the Prime Minister announced an ambition to increase the level of investment in research and development (R&D), rising from 1.7 per cent to 2.4 per cent of GDP by 2027. This could mean around £80 billion of additional investment in advanced technology in the next decade, helping to transform whole sectors, create new industries, and support innovation across the country.
The White Paper also confirms government will be pressing ahead with a series of Sector Deals, with construction amongst the first to benefit from these new strategic and long-term partnerships with government, backed by private sector co-investment.
Prime Minister Theresa May said: “Our modern Industrial Strategy will shape a stronger and fairer economy for decades to come. It will help create the conditions where successful businesses can emerge and grow, and support these businesses in seizing the big opportunities of our time, such as artificial intelligence and big data, whilst also making sure our young people have the skills to take on the high-paid, high-skilled jobs this creates.”
To view the Industrial Strategy White Paper click here