North Swindon MP Justin Tomlinson has welcomed the new Industrial Strategy, announced last week by the Government.
The Industrial Strategy is a long-term plan for how we can support businesses to create better, higher-paying jobs across the country. The aim of the strategy is to help create the conditions where successful businesses can emerge and grow, boosting the UK’s productivity and earning power.
It also looks at how we will earn our way as a country in the future, and sets four Grand Challenges in Artificial Intelligence and Big data, Clean Growth, The Future of Mobility and Ageing, where the UK can use its expertise to be world-leading whilst also making sure our young people have the skills to take on the high-paid, high-skilled jobs this creates.
In order to achieve this the Government has announced it will:
- Commit to raising investment in R&D to 2.4% of GDP by 2027 and deliver a new £725 million Industrial Strategy Challenge Fund to drive innovation.
- Create a £1.7 billion Transforming Cities Fund for projects that drive productivity by improving connections within city regions.
- Invest £406 million in maths, digital and technical education as well as creating a new National Retraining Scheme to support people to re-skill.
- Boost spending on the infrastructure of the future providing clean energy, spreading 5G digital connectivity right across the country and delivering £400 million for electric vehicle charging points.
- Create an independent Industrial Strategy Council to develop measures of success and evaluate our performance
Business leaders and union leader have backed this approach to increase wages and living standards.
Mike Cherry, Chairman of Federation of Small Businesses, said: "This is the only way to achieve sustained wage growth and higher living standards."
Justin Tomlinson MP said: “This ambitious approach will provide the certainty required to create jobs. By bringing together Government, businesses, academia, and local government we can facilitate an environment where businesses can grow and keep the UK at the forefront of technology.
