Progress Towards a Modern Industrial Strategy
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The Secretary of State for Business and Trade (Jonathan Reynolds)
I am delighted to confirm today that the Chancellor and I have appointed a diverse group of the UK’s top business leaders, policy experts and trade union leaders to the Industrial Strategy Advisory Council. The Chancellor and I will join the council for the first meeting later today. This is a key milestone on the path to delivering our new, modern industrial strategy—a key pillar in the growth mission of the Government. The Council will hardwire stability and long-termism into our plan from the start.
Members will use the first meeting to discuss investment, innovation and breaking down barriers to growth as well as emerging themes in response to the industrial strategy Green Paper. This comes shortly after the end of the industrial strategy consultation period, where we received responses from businesses, international investors, unions and others up and down the country to help shape the strategy.
The Government announced the appointment of Clare Barclay as chair of the Industrial Strategy Advisory Council on 13 October 2024. As the president, enterprise and industry, EMEA at Microsoft, Clare is well placed to lead the work of the council, bringing a wealth of leadership experience from the top flight of business.
The Chancellor and I are delighted that 15 of the UK’s business leaders, academics, policy experts and trade union leaders have joined the council to support Clare in this vital work. I have also asked Professor Dame Nancy Rothwell to be the deputy chair of the council. The interim chair of Skills England and the chair of the national wealth fund will be ex-officio members of the council, to ensure close working between these bodies.
The full list of Industrial Strategy Advisory Council members is:
Clare Barclay, President, Enterprise and Industry, EMEA, Microsoft (chair).
Professor Dame Nancy Rothwell DBE, former Vice-Chancellor of the University of Manchester (deputy chair).
Kate Bell, Assistant General Secretary of the Trades Union Congress.
Right hon. Greg Clark, former Secretary of State for Business, Energy and Industrial Strategy.
Professor Dame Diane Coyle DBE, Bennett Professor of Public Policy, University of Cambridge.
Dame Anita Frew DBE, Chair, Rolls-Royce Holdings.
Greg Jackson CBE, CEO, Octopus Energy.
Sir John Kingman, Chair, Legal & General and Chair, Barclays UK.
Tunde Olanrewaju, Senior Partner, McKinsey.
Professor Henry Overman, Professor of Economic Geography, LSE.
Henrik L. Pedersen, CEO, Associated British Ports.
Aislinn Rice, Non-Executive Director of Analytics Engines.
Roy Rickhuss, General Secretary, Community.
Baroness Vadera (Shriti Vadera), Chair, Prudential pic and Chair of The Royal Shakespeare Company.
Chris Grigg CBE, Chair of the National Wealth Fund (ex-officio).
Richard Pennycook CBE, interim Chair of Skills England (ex-officio).
The council will make and publish recommendations on the development and implementation of the industrial strategy, a cross-Government strategy supported by engagement with stakeholders. This will include an annual report which will be laid before Parliament. My Cabinet colleagues and I will carefully consider these recommendations. Focusing on growth-driving sectors and how the pro-business environment can help them thrive, the Council will also monitor and evaluate the impact of policies, with data and analysis central to this mission.
The council will initially focus on supporting development of the industrial strategy, including proposals to break down barriers to growth. To achieve this, I have asked the Ccuncil to make initial recommendations for consideration by the Chancellor and me to inform discussions at the Growth Mission Board.
The Government have committed to work in partnership with the devolved governments to make this strategy a UK-wide effort.
To underline our commitment to build the long-term certainty and stability that businesses need to invest, we will legislate to place the Council on a statutory footing as soon as parliamentary time allows.
On 14 October, the Chancellor of the Exchequer and I published a consultation on our new, modern industrial strategy: a credible 10-year plan to deliver the certainty and stability businesses need to invest in the high-growth sectors that will drive our growth mission.
We also set out our vision to create a pro-business environment, support high-potential clusters across the country and deliver growth that is supportive of net zero, regional growth, and economic security and resilience. I continue to work closely with the Chancellor and my Cabinet colleagues to ensure we make it simpler and easier for business to invest, thrive and grow.
The consultation underscores our intention across Government, and through the council, to design and implement the strategy in lockstep with local leaders, mayors, and devolved leaders across all corners of the UK.
The consultation closed on 25 November 2024. The Department for Business and Trade and HM Treasury will now consider responses in partnership with teams across Government. The response to the consultation will be integrated into the final industrial strategy and growth-driving sector plans, to be published alongside the spending review in 2025.
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