‘To shape a stronger, fairer economy’
When Theresa May became the Prime Minister last year, she promised a “proper industrial strategy”. Today, the government has unveiled a strategy aimed at tackling Britain’s productivity woes and championing sectors including automotive, construction and the life sciences.
The strategy “heralds a new approach to how government and business can work together to shape a stronger, fairer economy,” May said in the foreword to the document.
The 255-page white paper is designed to show that the government has the vision to enhance Britain’s industrial competitiveness after the Office for Budget Responsibility cut economic growth forecasts last week. The document is built around meeting four challenges — Artificial intelligence, Ageing society and Future of mobility.
The Government also announced that it had secured up to £1bn investment in the UK from German-based Qiagen and global healthcare company MSD, known as Merck in the US. MSD has also said it would open a state-of-the-art life sciences discovery research facility in London by 2020, focusing on early bioscience discovery and entrepreneurial innovation.
“This new London location will enable us to build on our proud legacy of invention and be an important contributor to the vibrant and rapidly growing London life sciences community while providing access for more collaborations within the European life science ecosystem,” said Roger Perlmutter, president of MSD Research Laboratories.
Ministers are investing of £725m in a bid to “transform” Britain’s industries over the next three years, on top of £1bn. Business Secretary Greg Clark said “MSD’s commitment today proves the process outlined in the industrial strategy can give companies the confidence and direction they need to invest in the UK.”