Theresa May is set to unveil the government’s industrial strategy on Monday, which is likely to take a more interventionist stance following Brexit.
The Prime Minister has emphasised that her government will look to forge a more proactive part in nurturing British industry, saying it will be “stepping up to a new active role”. The new objective is set to be introduced today at her first regional cabinet meeting of the year.
The plan is said to consist of 10 points of focus, with the development of broadband, transport and energy highlighted as key areas. These were seen as a way to “align central government infrastructure investment with local growth priorities”.
In addition to identifying key areas, the strategy is also set to include a £170 million investment directed at setting up state-of-the-art technology institutes, in the interest of fostering a new approach to science and innovation in post-Brexit Britain. As set out by the Chancellor’s Autumn Statement, the move is a part of the government’s pledge to develop British infrastructure and industries in order to make a success of Brexit developments.
In a statement, Prime Minister May said: “‘The modern Industrial Strategy will back Britain for the long term: creating the conditions where successful businesses can emerge and grow, and backing them to invest in the long-term future of our country.
“It will be underpinned by a new approach to government, not just stepping back but stepping up to a new, active role that backs business and ensures more people in all corners of the country share in the benefits of its success.”
Welcoming the government initiative, director-general of the Confederation of British Industry (CBI), Carolyn Fairbairn, commented: “It must help fix the country’s productivity problems and remove the regional inequalities that have dogged our country for generations, having a positive impact on living standards, wages and the future opportunities of many people.”
However, Labour remained sceptical of the plan calling for further clarification on the new plans and detail on expenditure. Labour shadow business secretary, Clive Lewis said:
“We await further detail, but what’s been announced so far will fall far short of getting us back to where we were in 2010, let alone equip our economy for the challenges of the 21st Century.”
Last year, research conducted by the National Infrastructure Commission found that UK 4G mobile coverage has been uncovered as worse than Romania, Peru, Panama and Albania.