With strengths in world-class technology, research and development, the UK is well positioned to respond to global changesby Richard Harrington / September 14, 2017 / Leave a comment
Britain’s first Industrial Revolution began with a series of small inventions. The spinning jenny, which revolutionised how cotton was spun, sparked demand for new products, encouraging engineers and artisans to compete and collaborate. These people shaped the world we live in today.
But today we confront the fourth Industrial Revolution—the digitalisation of society. Exploiting innovations, large and small, is critical and will require a commitment from government, businesses and society.
In January, Theresa May launched the government’s Industrial Strategy Green Paper. It was a vision designed to create conditions that boost the earning potential of people, companies and places. At its heart is the question of how to increase productivity, boost skills and improve infrastructure.
Part of our focus is on working with business to identify opportunities where a partnership with government could help. Take life sciences. In August we announced our investment, through the Industrial Strategy Challenge Fund, of £146m in five projects involving advanced medicines, vaccine development, and cell and gene therapy.