This is what the government said in a Green Paper this week, outlining plans for development of the strategy itself through consultation and establishment of a statutory Industrial Council.

Businesses have until 24 November to respond to the government’s Industrial Strategy consultation.

The council will be chaired by Clare Barclay, CEO of Microsoft UK.

In a green paper published yesterday [Monday 14 October 2024], the government said that the 10-year strategy is “unreservedly pro-business, engaging on complex issues that are barriers to investment, like skills, recruitment of international talent, data, R&D, technology adoption, access to finance, competition, regulation, energy prices, grid connections, infrastructure, and planning – all through the lens of promoting investment”.

Also, the government said the “ambitious and targeted” strategy will focus on the sectors which it said offer the highest growth opportunity for the economy and business: 

• Advanced manufacturing
• Clean energy industries
• Creative industries
• Defence
• Digital and technologies
• Financial services
• Life sciences
• Professional and business services

At the same time, the government said it seek to support net zero, regional growth, and economic security and resilience. 

Places seen to have the greatest potential for growth sectors will also receive attention, including city regions, high-potential clusters and strategic industrial sites. The government is “committed to devolving significant powers to Mayor Combined Authorities across England, giving them the tools they need to grow their sectorial clusters and improve the local business environment through ambitious Local Growth Plans. Partnership with devolved governments will make this a UK-wide effort and support the considerable sectoral strengths of Scotland, Wales and Northern Ireland”.

The Industrial Strategy and Sector Plans will be published alongside the Spending Review in spring 2025, the government said.

The government said it “wants to hear from you and collaborate on the development of this modern, ambitious Industrial Strategy”. The Green Paper can be found here. 

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