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Remaking your future: it’s time for Britain to capitalise in our world-leading industry

Now is the time to make the most of what we have

By Greg Clark  

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We are at one of the most important, exciting and challenging times in the history of global enterprise. Powered by new technologies, the way we live our lives as workers, citizens and consumers is being transformed, both here in Britain and across the world.

Britain is well-placed to benefit from this new industrial revolution. Ours is an open economy, built on innovation and competition. Our universities and research institutions are among the best in the world. We have a reputation for being a good place to do business, with high standards, respected institutions, and the reliable rule of law. We have achieved near-historic levels of employment. We are a crossing point for the world because of our geographical location, the English language, our openness to ideas and our vibrant culture.

We have many world-leading industries—from financial services to advanced manufacturing, from the life sciences to the creative industries. We must seize the opportunities before us—and Britain’s decision to leave the EU makes it even more important that we do so. In our industrial strategy white paper, published in November, we set out how we plan to capitalise on the opportunities before us.

A serious strategy must address our weaknesses. For all the excellence of our world-renowned companies and the calibre of our workforce, productivity is well below what can be achieved. By improving productivity while keeping employment high, we can earn more and improve the
quality of life for all our citizens. So our Industrial Strategy deliberately strengthens the five foundations of productivity: innovation, people, infrastructure, places and the business environment.

Our industrial strategy also sets out four areas where Britain can lead the global technological revolution. These four grand challenges are: artificial intelligence and big data; clean growth; the future of mobility; and meeting the needs of an ageing society. They will be supported by investment from the Industrial Strategy Challenge Fund and matched by commercial investment.

Over 2,000 organisations from all parts of the UK have helped to shape this strategy. That partnership with inventors, job creators, local leaders, the devolved administrations, workers and consumers will continue as we work together to make our country fit for the future.

This is an edited extract from the Government Industrial Strategy.

 


Brexit Britain: the future of industry is a publication which examines the future of UK manufacturing through the prism of the recently released Industrial Strategy White Paper. The report features contributions from the likes of Greg Clark MP, Miriam Gonzalez, Richard Graham MP and Frances O’Grady.

To find out more about how you can become involved in Prospect’s thought leadership programmes, please contact saskia.abdoh@prospect-magazine.co.uk.

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