Including a commitment to free and open trade, the Department for Business and Trade (DBT) has published details of its industrial strategy in a Green Paper setting out a 10-year plan to deliver the certainty and stability businesses need to invest in the UK’s high growth sectors.
Available HERE, Invest 2035: The UK’s Modern Industrial Strategy is open for consultation until 24 November 2024.
The strategy promises that a newly-established statutory Industrial Strategy Council will ensure stability and move away from what the Government describes as the previous policy merry-go-round.
In a joint foreword, Chancellor Rachel Reeves and Trade Secretary Jonathan Reynolds said:“This includes our Trade Strategy, renewing our commitment to free and open trade, where we’re forging a closer relationship with the European Union — ensuring smoother trade and simpler processes for doing business. But we’re also striking new, market-opening trade deals with powerhouse economies across the globe.”
By considering and listening to businesses and experts, the Government aims to identify the most effective levers for sectors and geographical clusters across the country. These policy areas include people and skills, innovation, energy and infrastructure, the regulatory environment, crowding in investment and international partnerships and trade.
In the next stage of development of the Industrial Strategy, the Government aims to design ambitious and targeted Sector Plans for each of the eight growth-driving sectors: advanced manufacturing; professional and business services; clean energy; life sciences; the creative industries; defence; financial services; and digital, AI and other technologies.
It highlights that half of global trade is expected to be digital by 2050 and points out that the UK continues to trade more with the EU as a bloc than any other trading partner. In the 12 months to June 2024, 47% of the UK’s total trade was with the European Union.
