Source · Select Committees · Business and Trade Committee
Recommendation 5
5
Accepted
Supplement industrial strategy with a clearer vision for leveraging societal challenges for economic benefit
Recommendation
We recognise that the UK needs to prioritise and play to its strengths if it is going to move the dial on growth. We support the Government’s decision to focus the industrial strategy on sectors of the economy where the UK has a comparative advantage, or the ability to build one. However, the industrial strategy and sector plans should be supplemented by a clearer vision of how the UK can contribute to, and economically benefit from, societal challenges that are reshaping the global economy. (Conclusion, Paragraph 40)
Government Response Summary
The government accepts the recommendation by articulating a vision for the industrial strategy to help the UK seize opportunities from global societal challenges, specifically mentioning the clean energy transition, tech revolution, AI, and new geopolitics.
Government Response
Accepted
HM Government
Accepted
3.1. Our modern Industrial Strategy will help us seize the most significant opportunities and create the most favourable conditions in key UK sectors for the companies of the future to emerge here – the ones that have a transformative role to play in the clean energy transition, the tech revolution, the fundamental impact of AI on every sector, and the new geopolitics. 3.2. The Industrial Strategy Advisory Council underpins the government’s commitment to embed longevity in the strategy by providing a permanent institution to provide advice, monitor delivery, evaluate impact and build the evidence base to support future policy development. As set out in the Industrial Strategy, the Council will be part of the new Labour Market Evidence Group to provide analysis and share evidence to support the development of workforce strategies and help government ensure that UK businesses in the IS-8 have access to the skilled workers they need. In addition, the Council will support work led by the Chair of Skills England to explore how employers, individuals and local and central government work together to address the UK’s skills needs to support jobs of the future in the growth-driving sectors. 3.3. The Government will seek the Council’s advice on a range of key areas of industrial strategy delivery through further commissions in due course, ensuring that delivery of the strategy benefits from expert, evidence-led advice.