LONDON (Reuters) - British Prime Minister Theresa May has set out the first details of a ‘Modern Industrial Strategy’ designed to adapt the economy for a post-Brexit era and revitalize areas of the country left behind by a decades long decline in manufacturing.
Below are the 10 “strategic pillars” that the government says will guide the policy as it is formed:
1. Investing in science, research and innovation – we must become a more innovative economy and do more to commercialize our world-leading science base to drive growth across the UK.
2. Developing skills – we must help people and businesses to thrive by: ensuring everyone has the basic skills needed in a modern economy; building a new system of technical education to benefit the half of young people who do not go to university; boosting STEM - science, technology, engineering and maths - skills, digital skills and numeracy; and by raising skill levels in lagging areas.
3. Upgrading infrastructure – we must upgrade our standards of performance on digital, energy, transport, water and flood defense infrastructure, and better align central government infrastructure investment with local growth priorities.
4. Supporting businesses to start and grow – we must ensure that businesses across the UK can access the finance and management skills they need to grow; and we must create the right conditions for companies to invest for the long term.
5. Improving procurement – we must use strategic government procurement to drive innovation and enable the development of UK supply chains;
6. Encouraging trade and inward investment policy – government policy can help boost productivity and growth across our economy, including by increasing competition and helping to bring new ways of doing things to the UK.
7. Delivering affordable energy and clean growth – we need to keep costs down for businesses, and secure the economic benefits of the transition to a low-carbon economy.
8. Cultivating world-leading sectors – we must build on our areas of competitive advantage, and help new sectors to flourish, in many cases challenging existing institutions and incumbents.
9. Driving growth across the whole country – we will create a framework to build on the particular strengths of different places and address factors that hold places back – whether it is investing in key infrastructure projects to encourage growth, increasing skill levels, or backing local innovation strengths.
10. Creating the right institutions to bring together sectors and places – we will consider the best structures to support people, industries and places. In some places and sectors there may be missing institutions which we could create, or existing ones we could strengthen, be they local civic or educational institutions, trade associations or financial networks.
Reporting by William James