Launched today, the UK Government’s modern Industrial Strategy, will “see billions of pounds for investment and cutting-edge tech, ease energy costs, and upskill the nation” says Chancellor Rachel Reeves.
The government said it would be focusing on eight specific sectors where the UK is already strong and therefore should have the potential for faster growth.
These sectors are advanced manufacturing, clean energy industries, creative industries, defence, digital and technologies, financial services, life sciences, and professional and business services.
Gareth Ralphs, Head of Business Representation and Policy, Thames Valley Chamber of Commerce (TVCC) said:
“The launch of UKs modern industrial strategy, a 10-year plan “to make the UK the best country to invest in anywhere in the world”, is welcomed by the Chamber and lays the foundation for action to support the key sectors in a region that is well-placed to deliver on the government’s ambition.
We do need to see the industrial strategy become reality, with the changes and plans implemented at pace – the business community have high expectations for results from this plan. We are repeating our message to government that investing in the success of the Thames Valley is part of the solution to help realise the whole of the UK’s potential”.
The Thames Valley is world leading across at least six of the high-growth sectors, reflected by the Chambers region-wide industrial cluster groups such as the Health and Life Sciences Working Group.
The Chamber will continue to champion key infrastructure projects, such as the timely delivery of Western Rail Link to Heathrow (WRLtH) and the Governments support for Heathrow expansion, the latter of which is highlighted in the Infrastructure Strategy. These are the kind of infrastructure projects that will drive productivity growth and gross added value (GVA) for the whole of the UK.
We are calling for the implementation of the Harrington Review to deliver higher volume/value foreign direct investment (FDI), which provides opportunities for the supply chain across the region.
He continues: “Investment in the Thames Valley should not an either/or option for government. Evidence has provided the multiplier effect of Thames Valley investment leading to further investment, including R&D and academic collaboration, across the UK”.
The industrial strategy points to our key sector strengths, however the test will be to what extent this delivers opportunities and incentive for more companies to trade internationally which is the most effective way of tackling the flat growth in the economy.
To drive growth, we now need to see the industrial strategy become reality, with the Thames Valley part of the solution. We are calling on Government to engage with the Thames Valley business, Further Education and University sectors and give us a chance to demonstrate how we can tackle the UKs wider growth challenges”.
Shevaun Haviland, Director General, British Chambers of Commerce, said as part of a joint statement from UK business groups:
“The Industrial Strategy launched today marks a significant step forward and a valuable opportunity for the business community to rally behind a new vision for the UK—boosting confidence, sentiment, and enthusiasm for investment.
“From start-ups and small businesses to large corporates, businesses need a more attractive, stable environment that enables faster, easier, and more certain investment decisions.
“We welcome the government’s engagement with businesses across the UK. Much of what we’ve shared has been heard and reflected in this strategy. While there’s more to do, we are ready to support the next steps.
“We encourage businesses nationwide to get behind this strategy and champion the UK as the best place to live, work, invest, and do business.”
