|We need it to succeed for a ‘Good’ Brexit|
Business Secretary Greg Clark has launched the government’s Industrial Strategy.
It sets out a long-term vision for how Britain can build on its economic strengths, address its productivity performance, embrace technological change & boost the earning power of people across the UK.
With the aim of making the UK the world’s most innovative nation by 2030, the government has committed to investing a further £725m over the next 3 years in the Industrial Strategy Challenge Fund (ISCF) to respond to some of the greatest global challenges & the opportunities faced by the UK. This will include £170m to transform our construction sector and help create affordable places to live & work that are safer, healthier & use less energy, and up to £210m to improve early diagnosis of illnesses and develop precision medicine for patients across the UK.
The government has previously committed £1bn to the first wave of ISCF projects, including investing £246m in next generation battery technology and £86m in robotics hubs across the UK.Recently the PM announced an ambition to increase the level of investment in R&D, rising from 1.7% to 2.4% of GDP by 2027. The White Paper also confirms government will be pressing ahead with a series of Sector Deals, with construction, life sciences, automotive & AI the first to benefit from these new strategic & long-term partnerships with government, backed by private sector co-investment.