Source · Select Committees · Business and Trade Committee
Recommendation 32
32
The paucity of agreed Local Industrial Strategies ultimately limited the contribution of local insights and...
Conclusion
The paucity of agreed Local Industrial Strategies ultimately limited the contribution of local insights and intelligence into national industrial policy. However, co-creation of industrial policy at local and national level is the right approach and was a strength of the Industrial Strategy. We share the Industrial Strategy Council’s concern that mechanisms for such co-creation are absent from the Plan for Growth. The Government’s levelling up agenda will be stronger if local insights and intelligence continue to inform national-level industrial policy, but the move away from the Local Industrial Strategy model will make this more difficult. (Paragraph 116) Post-pandemic economic growth: Industrial policy in the UK 53
Government Response
Acknowledged
HM Government
Acknowledged
32. The Government’s approach to sectoral policy draws on the academic consensus that identifies economy-wide horizontal interventions – on regulation, research, skills, infrastructure, business environment and innovation – as the bedrock of effective economic strategy, allowing the market to find and grow the highest potential industries. However, there is further evidence that highlights the benefits of sector-focused interventions to complement these cross-economy wide tailored horizontal interventions. The Plan for Growth adopts this balance of both horizontal and vertical policies.