Industrial strategy must be regionally inclusive, encompass the service sector, and support adoption of existing innovations as well new breakthroughs
New IPPR report sets out core principles for UK’s post-Brexit industrial strategy
In a new report published today leading think tank IPPR sets out the aims for an industrial strategy for the UK.
IPPR was instrumental in arguing for the UK to adopt an industrial strategy, and Theresa May’s government have now said it will form an important part of their economic plans, including through establishing BEIS.
IPPR argues that a new industrial strategy should aim to:
- Spur innovation to boost pay and productivity, and improve the quality of work. This means boosting service sector innovation, and making sure the adoption of existing innovations as well as technological breakthroughs are supported;
- ‘Level up’ growth and productivity in the regions and nations of the UK;
- Grow the UK’s manufacturing capabilities, by both supporting new technologies, and helping other companies move into product lines where quality demands more of a premium;
- Put the UK on track to meets its decarbonisation targets.
Catherine Colebrook, Chief Economist to the IPPR Commission on Economic Justice, said:
“In order to raise productivity across the economy as a whole, and with it living standards, the government needs to adopt a broader, more practical definition of innovation.
“It also needs to improve the commercialisation of discoveries, to ensure that the benefits of UK innovation are captured by the UK.
“Appetite for new, ambitious thinking on industrial strategy is currently higher than it has been for a generation. It would be a shame if the government didn’t seize the opportunity this presents to develop a genuinely inclusive, comprehensive approach to nurturing an economy that works for everyone.”
Last week the IPPR Commission on Economic Justice was launched, which aims to rewrite rules for the post-Brexit economy. It is a major two-year programme will examine the challenges facing the economy and make practical recommendations for its reform. The Commissioners include the Archbishop of Canterbury, TUC General Secretary, Chairman of John Lewis, CEO of Siemens UK, and many other leading figures.
Kieren Walters 07921 40651 [email protected]
1. The report ‘An industrial strategy that works for the UK: Framework and principles’ can be downloaded at: http://www.ippr.org/publications/an-industrial-strategy-that-works-for-the-uk-framework-and-principles
2. IPPR aims to influence policy in the present and reinvent progressive politics in the future, and is dedicated to the better country that Britain can be through progressive policy and politics. With nearly 60 staff across four offices throughout the UK, IPPR is Britain’s only national think tank with a truly national presence.
Our independent research is wide ranging, it covers the economy, work, skills, transport, democracy, the environment, education, energy, migration and healthcare among many other areas. ippr.org