Launch of industry strategy to ensure stability for investors

The Business Secretary and the Prime Minister announce steps to deliver long-term growth through the Modern Industrial Strategy, including the appointment of a new Chair of the Industrial Strategy Advisory Board. The industrial strategy will leverage the UK’s strengths by creating a pro-business environment and focusing on eight growth pillars. Business Secretary Jonathan Reynolds, who leads on sectors including the creative industries and financial services, promises the Modern Industrial Strategy will secure stability for investors and give the industry confidence to plan for the next decade and beyond. It will be chaired by Clare Barclay, CEO of Microsoft UK. The Government's announcement of a new Industrial Strategy Advisory Board, which will provide expert advice developed in partnership with businesses, unions and stakeholders across the UK, is being held at the International Investment Summit, which brings together business leaders from around the world to promote investment and growth. It was announced prior to the Investment Summit. We also ask companies to help shape their industry strategies through green paper to develop partnership plans.

The next generation of UK industry is poised to reignite industrial heartlands and boost economic growth as the government launches its first industrial strategy in seven years.

Jonathan Reynolds, the Secretary of State for Business and Trade, and Rachel Reeves, the Chancellor of the Exchequer, have published a green document to kick-start the delivery of the Government's Modern Industrial Strategy. This strategy will foster long-term growth in key sectors that are sustainable, resilient and nationally distributed.

Unveiling eight growth sectors will be the focus of the strategy, and along with appointing a new Industrial Strategy Advisory Board Chair, the Business Secretary has pledged to provide investors with a 10-year plan to choose the UK.

A key sector the government will focus on in its modern industrial strategy is advanced manufacturing. clean energy industry, creative industry; defense; digital and technology; financial services; life sciences; Professional and business-like service.

The green paper, to be published on the day of the International Investment Summit, will bring together UK leaders, high-profile investors and businesses from around the world. There, Reynolds is expected to tell delegates that the industrial strategy will help put Britain back on the world stage and attract investment to the most productive parts of the British economy.

Councilor Jonathan Reynolds said:

Our modern industrial strategy will enhance stability for investors and give them the confidence to plan not only for next year, but for the next decade and beyond.

This is the next step in our pro-worker, pro-business plan that gives both investors and workers the security and stability they need to succeed.

Clares’ wealth of talent and experience will help the Industrial Strategy achieve its mission to unleash the potential of highly productive sectors to drive growth, spread wealth and boost employment across the UK.

Minister of Finance Rachel Reeves MP said:

I have never been more optimistic about our country’s potential. We have some of the best minds and greatest companies in the world. From creative industries and life sciences to advanced manufacturing and financial services.

This Government is determined to unleash Britain's potential, rebuilding the country and making every part of the country a better place.

Clare Barclay, CEO of Microsoft UK, will chair the Industrial Strategy Advisory Board. The Commission will work with businesses, unions, local government, local leaders, academia and stakeholders to inform the development of industrial strategies through expertise and up-to-date evidence.

In King's Speech, the government pledged to put in place a legal framework that would give the Commission powers and responsibilities and ensure it would be permanent and independent.

An ad hoc advisory committee is introduced prior to the establishment of a statutory body. The first council meeting and full membership announcement are expected in the coming weeks.

Microsoft UK CEO Clare Barclay said:

As Chair of the Industrial Strategy Advisory Board, I will ensure that the Council has a clear and strong voice on behalf of businesses, countries, regions and trade unions. Major industries nationwide.

We must fully embrace today's industry while also creating a clear plan for future growth, and the Advisory Board will play a central role in shaping and delivering this plan.

The Government has also identified eight growth drivers for its Industrial Strategy, focusing on those where the UK currently excels and will continue to excel in the future.

Over the past 25 years, the top 30% of sectors ranked by 1997 productivity have generated about 60% of the total productivity growth in the economy. That's why our industrial strategy focuses support on sectors and geographical clusters with the highest growth potential. Next 10 years.

Our strategy will capture a greater share of international mobile investment in strategic sectors and create a pro-business environment that motivates domestic companies to increase investment and expand growth.

Companies from all over the country will also be invited to respond to the Industrial Strategy Green Paper, which will be published tomorrow.

This consultation will inform stakeholders of the ongoing development of the strategy and provide an opportunity to have a real impact on people and communities across the UK.

Seeks the views of businesses, international investors, trade unions and other stakeholders on the overall vision, approach to growth sectors and policy instruments needed to stimulate investment.

Stephen Phipson, CEO of Make UK, said:

We live in a vastly different world than we did 10 years ago, and simply leaving economic and industrial strategy to the free market is an ideology that was sold long ago. This is a welcome first step in addressing the economic Achilles heel that has made Britain an outlier among developed countries. It provides a clear vision of how government resources, especially those of each department, can be marshalled towards the single goal of long-term growth across all regions.

With the welcome announcement from the Chairman of the Industrial Strategy Advisory Committee and the committee establishing a legal foundation, the industry can no longer fear the constant policy changes we have seen over the past decade and can focus on the long term. It is important that the government delivers on its promises.

WPP CEO Mark Read said:

WPP supports the government's objective to create and foster an investment environment that promotes long-term growth. As a global marketing services company, we believe that the UK’s world-leading creative industries, powered by new technologies such as AI and exceptional talent, can continue to play a key role in further advancing the UK’s investment case on the global stage.

John Harrison, Chairman of Airbus UK, said:

Airbus welcomes the inclusion of advanced manufacturing in the Government Industrial Strategy as an important opportunity to build a successful partnership between government and the aerospace sector.

As one of the UK's most technologically advanced companies, we also welcome the strong focus on innovation that is critical to driving future growth and maintaining the UK's global competitiveness in the aerospace and defense sectors.

Businesses need confidence in their supply chains to invest and grow. We are therefore establishing a new Supply Chain Taskforce in Government to assess where supply chains critical to the UK's economic security and resilience, including the growth-driving sectors outlined in the Industrial Strategy, may be vulnerable to disruption. The Taskforce will ensure that governments work with businesses to address these risks and build the conditions needed to deliver safe growth.

We want the UK to be the best investment opportunity for your business. Industrial Strategy and the Industrial Strategy Advisory Board will be key to providing a solid foundation for investors.

Notes to editors:

More information on sectors and productivity can be found here: https://www.ons.gov.uk/economy/economicoutputandproductivity/productivitymeasures/datasets/outputperhourworkeduk

The Green Paper will be published tomorrow. [Monday 14 October] 9:30 am. Companies have until November 24 to respond.

Clare Barclay Biography:Clare is the CEO of Microsoft UK. She leads strategy and delivery for Microsoft's business in the UK, focusing on helping organizations accelerate technology-led growth. She is a thought leader and regular keynote speaker on how technology and AI offer transformative opportunities to drive UK economic growth. Clare engages at board level across industries on how to best capitalize on opportunities to harness the potential of AI. Clare has nearly 30 years in the technology industry, holding a variety of senior leadership roles with experience in all aspects of the business, including: A partnership that creates opportunities across industries and helps small and medium-sized businesses, the heart of the UK economy, to thrive. In her previous role as Chief Operating Officer (COO), she was also responsible for driving groundbreaking transformation and restructuring Microsoft's culture. Clare is passionate about the UK as a talent hub and the potential for UK industry to lead on the global stage by leveraging the latest scientific and technological advances. She is also deeply committed to diversity and inclusion and helping young people succeed. She lives in London with her husband and two sons.

The summit is sponsored by Barclays, HSBC, Lloyds, M&G plc, Octopus Energy and TSL.

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