In the last 5 years, the UK’s economic environment has changed, bringing new opportunities and challenges for our businesses. We have legislated to end our contribution to climate change by 2050, we are forging a new path outside of the European Union and we continue to fight the COVID-19 pandemic. Creating and supporting jobs and helping to drive growth in existing, new and emerging industries is the government’s central economic focus. That is why we are transitioning the Industrial Strategy into our plan for growth and its related strategies.
The plan for growth builds on the best of the Industrial Strategy from 2017 and makes the most of our strengths right across the economy. It refreshes and goes further than ever before on critical policies and guides the government’s longer-term growth strategy as we build back better, so we can unite and level up the country, support our transition to net zero by 2050, and seize the new opportunities of a Global Britain as an independent nation.
Backed by 3 pillars of investment as the foundation of our economic recovery – infrastructure, skills and innovation – we can put the UK at the forefront of opportunities and give businesses the confidence they need to invest and grow.
However, not all growth is created equal. This government will focus on achieving three priority objectives:
We are still taking forward the best elements of the Industrial Strategy, including continuation of existing Sector Deals and reviewing the Grand Challenges and missions through the upcoming Innovation Strategy. This government remains committed to its industrial sectors. The plan for growth is a whole of government approach to that – making the most of our collective strengths right across the whole economy.
Over the next 12 months we will follow up the plan for growth with an Innovation Strategy, as well as strategies for net zero, hydrogen and space. We will also develop a vision for high-growth sectors and technologies, putting the UK at the forefront of opportunities and giving businesses the confidence to invest, boost productivity across the UK and enable our transition to net zero.
The government is, and will continue to be, a champion of the needs of business and industry as we build back better from the pandemic. We will work closely and collaboratively with key stakeholders to ensure that our plans address challenges faced by business and grasp opportunities for future growth. That is why we have convened the Build Back Better Business Council, to draw on the expertise of industry and government to ensure that the plan for growth is delivered successfully, and in partnership with business.
Chancellor Rishi Sunak and Business Secretary Kwasi Kwarteng