The Business, Innovation and Skills Committee (BIS) launched an inquiry into the Government's industrial strategy. The inquiry launch followed the inclusion of the term "industrial strategy" into the Department for Business's name and an indication from the new Prime Minister, Theresa May, that her government will explicitly intervene to support certain parts of the economy.
Being in the unique position of working at the interface between science and industry, conducting a range of activities that focus on supporting innovation and the commercialisation of science, SCI is well placed to contribute to this debate from the perspective of science based industries and innovation.
SCI presented a response to this enquiry covering the following main points:
- In the light of the UK’s decision to leave the European Union the UK Government is increasing its focus on an Industrial Strategy as a means of providing economic and societal benefit for the UK.
- An Industrial Strategy is critical in order to rebalance the economy.
- Industry has the potential to provide an engine for long-term, sustainable growth and prosperity to society.
- Industry works in a global marketplace and the Industrial Strategy needs to be focussed on driving the UK’s competitiveness in key global markets.
- Industry is a broad term, covering a complex mix of different industries and segments. The UK Government needs to address the whole spectrum of industry, including infrastructure and energy, and be able to bring together the key elements in an over-arching National Strategy.
- It is critical that the Government sets up a systematic approach to developing a new Industrial Strategy for the UK that is (i) long term in nature, (ii) broad industry and (iii) engages the key stakeholders.
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