Source · Select Committees · Business and Trade Committee
Recommendation 1
1
Paragraph: 22
The economic outlook has been fundamentally altered by the Covid-19 pandemic and by Brexit, and...
Conclusion
The economic outlook has been fundamentally altered by the Covid-19 pandemic and by Brexit, and today’s circumstances therefore require a revised focus in industrial policy. However, some of the foundations and long-term challenges that the 2017 strategy sought to address are still relevant today and should be carefully considered in the new Plan for Growth.
Paragraph Reference:
22
Government Response
Not Addressed
HM Government
Not Addressed
The Government is grateful to you and the Committee for its inquiry and report on ‘Post- pandemic economic growth: Industrial Strategy’. Since the report’s publication on 28 June, we have been working across Government to carefully consider the Committee’s recommendations and the evidence gathered in support of these. Build Back Better: our plan for growth sets out the opportunities we will seize across the UK to drive economic growth, create jobs and support British industry as we level up and build back better out of this pandemic—succeeding the Industrial Strategy published over four years ago. It reflects the fact that since then, the Government has legislated to end our contribution to climate change by 2050, we are forging a new path outside the European Union, and we continue to secure our recovery from Covid-19. The Plan for Growth is a whole-of-government endeavour and includes significant investment in infrastructure, skills, and innovation to level up the country and improve everyday life for people regardless of where they live. The delivery of these ambitious objectives will be monitored through the new departmental Outcome Delivery Plans (ODPs), published on 15 July. The Plan for Growth also committed to set out visions for high-growth sectors and technologies where we are well placed to develop a globally competitive advantage. BEIS has already made a big start on this plan with the publication of the Life Sciences Sector Vision this summer. This 10-year strategy will tackle health inequalities, enhance the UK’s outstanding science and research environment, make the NHS a driver of innovation, and ensure the UK is the best place in the world to start and grow life science businesses. Other visions will be set out by the relevant departments in the coming months. The Government recognises the importance of working closely and collaboratively with key stakeholders, in the business community and beyond, to ensure that our plans address challenges faced by business and grasp opportunities for future growth. There are several fora that allow us to do this effectively. For example, the Prime Minister has recently established the Build Back Better Business Council, which brings together a broad range of business leaders in partnership with the UK Government to unlock investment, boost job creation, promote Global Britain, and level up the whole of the UK. The UK Government has also put in place a range of measures designed to support businesses including those achieving or likely to achieve high growth. The support ranges from Government strategies and Sector Councils to specific funds, such as the Future Fund: Breakthrough, and programmes, such as Help to Grow.