United Kingdom industrial strategy aims to 'take sting out of Brexit'

United Kingdom industrial strategy aims to 'take sting out of Brexit'

United Kingdom industrial strategy aims to 'take sting out of Brexit'

Babs Murphy, chief executive of the North and Western Lancashire Chamber of Commerce said: "We have been working with the government to develop the Industrial Strategy, and we are pleased that the concerns and ideas of business communities across the country have been listened to".

The Business Secretary has today announced the plan for UK's Industrial Strategy with a focus on harnessing technological opportunity. 'Work will continue with other sectors on transformative sector deals, ' said the white paper.

He added: "We have a thriving research and science base and are home to a wide range of innovative sectors, from advanced manufacturing and life sciences, to fintech and creative industries". It was followed on Monday by £725m, much of it targeted on construction and life sciences.

The uplift will help transform the United Kingdom economy and drive a long-term change in the use of R&D by industry, ensuring that the next generation of innovative technologies that create high-skilled jobs, revolutionise productivity and improve living standards, are produced in Britain.

The Government wants to invest £725 million to "transform" industries such as housebuilding, medicine, automotive through new technology. "With the Budget last week, and our Industrial Strategy in the years ahead, we will build a Britain fit for the future".

Chair of the Life Science Industrial Strategy Advisory Board, Sir John Bell said: "Today's investment provides strong evidence that a coherent industrial strategy can have a real, tangible impact on economic activity in sectors that we need to strengthen and grow".

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In the Industrial Strategy, clean growth is identified as one of four "grand challenges". One of the strategy's "Grand Challenges" surrounds the use and harnessing of artificial intelligence (AI), and the paper notes that one application of AI could be to enable more efficient use of resources: 'For example, intelligent algorithms applied to data on atmospheric conditions and soil moisture could dramatically reduce the amount of water needed for agriculture'.

In addition to stating that these challenges will shape our ever changing future, the Government also believe that they represent a chance for United Kingdom business, academia and civil society to work collaboratively and take advantage of these opportunities through harnessing technology.

In the document, the Department for Business, Energy and Industrial Strategy (DBEIS), pledges to "work closely" with retailers to increase productivity.

Regarding sustainable financing, the new Industrial Strategy provisions the establishment of a new Green Finance Taskforce, which along with the British Standards Institution and the City of London's Green Finance Initiative will work towards developing the world's first green financial management standards.

Laurie Miles, director of Analytics at SAS UK & Ireland commented: "Finally, the Government has woken up and recognised that getting ahead in the digital economy is vital to Britain's productivity puzzle". "It will make the sector more dynamic and make it easier for new, high quality providers to offer higher education".

MSD said in a statement that the decision to locate the new unit in London is in line with other investments in life sciences hubs in the U.S., namely the San Francisco Bay area and Cambridge, Massachusetts. "Only then, will we create an innovative culture effective for driving the United Kingdom forward in this global and competitive market".

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