Industrial strategy sets sights on 'world-leading' smart energy systems

Marcus Newton
November 28, 2017

This could mean an extra £80bn investment in advanced technology, according to government estimates.

Our modern Industrial Strategy will shape a stronger and fairer economy for decades to come.

May said: "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".

A White Paper setting out the plans committed the government to negotiating joint deals with industry in the life sciences, construction, artificial intelligence and automotive sectors. The first sector deals focus on life sciences, construction, AI and the transport sector. The green paper was announced to much fanfare earlier this year, however our recent Future Attitudes study, which surveyed over a thousand senior SME decision makers across the United Kingdom, revealed an astonishing lack of awareness about the Strategy, with fewer than three in ten (29 per cent) small and medium-sized enterprises claiming to have heard about it... Battery storage will take up £246m of that investment, with a £45m competition in place to establish a battery research centre.

"A new United Kingdom location will enable us to build on our proud legacy of invention and be an important contributor to the vibrant and rapidly growing United Kingdom life sciences community, while providing access for more collaborations within the European life science ecosystem", noted MSD's Research Laboratories president Roger Perlmutter.

Business Finance analyst Carl D'Ammassa, at investment bank Aldermore, said: "It is early days for the Government's new Industrial Strategy, however it appears that the lofty ambitions for the Strategy are yet to translate into awareness".

More news: Michael Crabtree And Aqib Talib Sparked A Raiders-Broncos Fight
More news: Ghana launches campaign against gender violence
More news: Pakistan calls in army as Islamabad protests turn violent

"We now look forward to further detail on the sector deals between the pharmaceutical industry and government on the back of Sir John Bell's impressive Life Sciences Industrial Strategy", commented ABPI chief executive Mike Thompson.

As well as outlining the benefits for the economy, Clark set out Strategy's long-term vision, focussing on the improvements for productivity and United Kingdom earning power by embracing technological change.

Business Secretary Greg Clark said the Strategy "deliberately strengthens the five foundations of productivity: ideas, people, infrastructure, business environment and places", to address current weaknesses and ultimately boost the country's earning power.

It has pledged to support electric vehicles through a £400 million charging infrastructure investment and an extra £100 million to extend the plug-in auto grant. It will ensure Britain continues to be at the forefront of innovation and represents a huge vote of confidence in our Industrial Strategy.

He said: "Renewables are set to become the backbone of our modern energy system and the plummeting cost of wind power means onshore and offshore wind can help improve the competitiveness of United Kingdom industry". It's a sector that holds enormous potential for technological breakthroughs, job creation and boosting productivity. And it needs to give people clean air by speeding up the end of diesel vehicles. ESA chair Stewart Davies said talks were underway for a deal for resource productivity and that a sector deal working group had been set up with Beis.

But unlike the CGS, the industrial strategy will be monitored by an independent body to hold the Government to account and chart progress.

Other reports by MaliBehiribAe

Discuss This Article

FOLLOW OUR NEWSPAPER