Department for Business, Innovation and Skills
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Matthew Hancock speech on Industrial Strategy

Matthew Hancock outlines the government’s industrial strategy, and what this means for both advanced manufacturing and wider economy.

Intro

Today I want to talk about why we back an industrial strategy, and what this means for both advanced manufacturing and wider economy.

As Minister for Portsmouth I’m delighted to be back, because this city is a great place to make this argument.

You’ve been at the cutting edge of maritime technology since the ninth century, when King Alfred came here to supply his fleet with bigger and faster longships than those in use by the Vikings.

It was an early instance of the Anglo-Saxon model proving more efficient than its Nordic counterpart.

Later, in the eighteenth and nineteenth centuries Portsmouth perfected the art of fighting sail; in the twentieth century it was home to the Royal Navy’s first submarines and the revolutionary dreadnought battleship.

But far from basking in old glory, you remain at the cutting edge.

Your response to change has been extraordinary. Faced with difficult decisions over shipbuilding, you have picked yourselves up, dusted yourselves off, and reinvented yourselves anew.

Cutting edge marketing industries. Leading in autonomous vessels, new composite materials, and even here the space industry.

Space is now a vital part of Britain’s industrial landscape.

It contributes £11.3 billion to the economy each year and employs more than 35,000 people, a large proportion of them here at Airbus Defence and Space - the largest satellite manufacturing company in Europe.

And this government is committed to capturing 10 percent of the global market for space technology and services by 2030: a £40 billion industry and 100,000 new jobs for the UK.

Click here for full speech

 
Channel website: https://www.gov.uk/government/organisations/department-for-business-innovation-skills

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