PM unveils plans for a Modern Industrial Strategy

Prime Minister Theresa May is today launching proposals for a modern Industrial Strategy aimed at building on Britain’s strengths and securing a future as a competitive, global nation.

At the heart of the Strategy green paper, published today, is an offer to businesses to strike new “Sector Deals” to address sector-specific challenges and opportunities – ministers are prepared to offer a range of support, including addressing regulatory barriers to innovation and growth, looking at how trade and investment deals can be used to increase exports and supporting the creation of new institutions to provide leadership, support innovation, or boost skills.

The green paper also sets out plans to strengthen institutions in each part of the country to support their specific strengths – whether it’s building up local trade bodies or creating new educational institutions, making it easier for business to access finance outside London, or getting a stronger business voice into local government.

Early sector deals are already underway, including from:

• Sir John Bell: on life sciences
• Richard Parry-Jones: on the transition to ultra low emission vehicles
• Juergen Maier: on industrial digitalisation
• Lord Hutton: on improving UK competitiveness and skills in the nuclear industry
• Sir Peter Bazalgette: on the creative industries

The announcement coincides with Mrs May’s first regional cabinet meeting and as part of the visit to the North West, the Government is also announcing a cash boost of £556 million for the Northern Powerhouse.