CBI reaction to Government green paper
The Government today launched its green paper for a modern industrial strategy; a statement of intent that ministers will use targeted interventions where necessary to boost business and drive the UK’s post-Brexit economy and in so doing ensure growth is experienced throughout the UK. Carolyn Fairbairn welcomed this draft strategy as a landmark opportunity to build a successful, modern economy as the foundation for a prosperous, fairer and more inclusive society.
Following close engagement with the Department for Business, Energy and Industrial Strategy, the green paper reflects many of the CBI’s key objectives for a modern industrial strategy, that it should concentrate on horizontal policy levers, continue the positive work already created through a sector approach to industrial strategy and at the same time recognise the importance of driving productivity growth across all regions of the UK.
The green paper focuses on 10 cross-cutting pillars in areas such as infrastructure, innovation, skills, driving regional growth and cultivating world-leading sectors, each with a programme of suggested policies to help improve productivity. Importantly the Government recognises that to get the most benefit from its policies it needs to do so in a way that is sensitive to the different needs of different places and in a way that gives a boost to sectors in which the UK has a competitive advantage.
The green paper also picks up on some of the findings in the CBI’s ‘Unlocking regional growth’ report for example that education and skills are the biggest determinants of regional variations in productivity.
This consultation provides a fantastic opportunity to drive progress across the main pillars of the CBI’s prosperity agenda, and influence the Government’s long-term plan for the future of the UK economy. Key to its success will be implementation - finding effective and efficient ways of determining where and how to make the right interventions.
The CBI will be responding to the Government’s consultation and we will be holding a number of regional events across the country to invite your thoughts during the consultation period.
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