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UK plans post-Brexit industrial revival

Monday, January 23, 2017 - 01:36

Britain's government on Monday unveiled a new interventionist approach to rebalance its heavily services-based economy for the post-Brexit era, in a break with traditional Conservative laissez-faire economic policy. Sarah Charlton reports.

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British Prime Minister Theresa May arriving in Cheshire to unveil a long-awaited plan for the post-Brexit era. At her first regional cabinet meeting, May delivered the details of a new, interventionist approach to drive an industrial revival. She says the government will play an active role in backing business and ensuring more people in all corners of the country share the benefits of its success. SOUNDBITE (English) THERESA MAY, BRITISH PRIME MINSTER, SAYING: "No this isn't about backing winners. What this is about is creating the right conditions for the future economy for the UK. As we leave the European Union, I'm ambitious for the opportunities that are available to us building the truly global Britain." The 10-point Modern Industrial Strategy proposes investing in science, research and innovation. Developing skills, upgrading infrastructure and supporting businesses to start and grow. SOUNDBITE (English) CHRIS BEAUCHAMP, SENIOR MARKET ANALYST, IG, SAYING: "I think there's a sense the government needs to shore up parts of the UK economy and there are questions over what sort of industries suffer when we finally leave the European Union." Politically, it's May's attempt to reengage with working class voters in parts of the country that perhaps feel left behind. SOUNDBITE (English) CHRIS BEAUCHAMP, SENIOR MARKET ANALYST, IG, SAYING: "Industrial strategy sounds like a wonderful throwback to the 1970s, and you do wonder about Whitehall's ability to pick winners, particularly if they're looking for things in heavy industry that arguably is not Britain's expertise anymore. They should be looking in other areas. But the Treasury's record of that, and the government's broader record of that, is not great." Industry now asked to have its say on the proposals. The first stage in a very long consultation.

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UK plans post-Brexit industrial revival

Monday, January 23, 2017 - 01:36