UK to issue 10-year industrial strategy to boost growth

UK to issue 10-year industrial strategy to boost growth

The UK government is set to publish a 10-year, multibillion-pound industrial strategy next week, aimed at boosting economic growth and creating jobs. The strategy, part of Prime Minister Keir Starmer's "Plan for Change," seeks to overhaul the country's skills system, support innovation, and channel investment into high-growth areas [1].

The government has already pledged significant funds to support skills development, creative industries, and sport. In October, it published its Industrial Strategy Green Paper, "Invest 2035: The UK’s Modern Industrial Strategy," outlining a 10-year plan to shape industry and economic growth amidst global challenges [2].

The strategy focuses on eight growth-driving sectors: advanced manufacturing, clean energy industries, digital and technologies, defense, creative industries, life sciences, financial services, and professional and business services. The government aims to support these sectors to enhance the UK's competitiveness and drive long-term growth.

The strategy also addresses energy costs, a significant threat to UK industry. The government has pledged to support energy-efficiency upgrades and back the development of low-carbon technologies. It plans to create a British Industrial Strategy Council to oversee the delivery of these growth plans [1].

The British Coatings Federation welcomed the publication of the Green Paper, highlighting the importance of the coatings industry as a foundational sector for other industries. The federation looks forward to collaborating with the government to deliver on the strategy's positive plans for a strong and growing domestic manufacturing base [2].

The UK's 10-year industrial strategy is a significant step towards addressing long-term economic challenges and boosting growth. With a focus on innovation, skills development, and sector-specific support, the strategy aims to position the UK as a leader in key industries.

References:
[1] https://www.marketscreener.com/news/latest/UK-to-issue-10-year-industrial-strategy-aimed-at-boosting-growth-50301172/
[2] https://www.coatingsworld.com/issues/2024-11-01/view_europe-reports/uk-government-publishes-industry-strategy-green-paper/