"Building Britain's Future - New Industry, New Jobs".
Government has today unveiled a new industrial strategy, dubbed “Building Britain’s Future – New Industry, New Jobs”.
Lord Peter Mandelson, business secretary, said the report addresses a world economy which will “double in size” when the downturn is reversed. “Global competition is getting tougher and technological change is happening faster,” he said. “We can’t afford to stand back as other countries invest and skill-up to win in high-value markets and sectors.”
The main areas the report concerns itself with are innovation, skills, finance, infrastructure and trade.
It suggests capital support for high growth, high innovation, small and medium sized businesses and more support for exporters by enhancing the role of UK Trade and Investment and the Export Credits Guarantee Department.
Government says it will increase its emphasis on skills gaps and providers as well as low-carbon opportunities and wants to build the Technology Strategy Board up so it can further support bringing innovative ideas into reality.
The report also highlighted key areas that Britain has major presence in which Whitehall should focus its attentions on. They included pharmaceuticals, aerospace, nuclear, life-sciences and plastic electronics.
“The world’s economy, emerging from the downturn, is set to double in size creating major new opportunities for British business,” said Lord Mandelson. “But global competition is getting tougher and technological change is happening faster. We can’t afford to stand back as other countries invest and skill-up to win in high-value markets and sectors.
“To succeed in this hi-tech, low carbon economy of the future, to drive growth and to secure more high-value jobs in the UK, we need to act. It’s not about picking winners or ignoring market signals but removing barriers which hold business back,” continued Mandelson. “Government’s job is to do everything it can to strengthen our competitive position further.”
John Denham, secretary of state for Innovation, Universities and Skills, agreed that government should concentrate on manufacturing, low carbon technology and healthcare and added construction into the mix.
“By making key decisions, buying goods and services and regulating, government shapes and creates future markets, new business opportunities and the demand for skilled jobs,” he said. “That is why our new activism will focus our skills system, the knowledge in our universities and the way we support research through our record investment in science to meet the demands and opportunities government creates when it acts in other areas of the economy.”