Oral Answers to Questions

Mary Glindon Excerpts

Thursday 23rd March 2023 Commons Chamber

[Mary Glindon (North Tyneside) (Lab)]

4. If she will take steps to publish a new industrial strategy.

[Mick Whitley (Birkenhead) (Lab)]

14. If she will take steps to publish a new industrial strategy.

[The Minister of State, Department for Business and Trade (Ms Nusrat Ghani)]

The Prime Minister has made it clear that growing the economy and creating better-paid jobs is one of our top priorities, and the Government are working with industry across the UK to achieve that. We have set out clear plans for prioritising technology sectors, advanced manufacturing, financial services and creative industries, and this includes our investor road maps. In particular, the Chancellor has announced 12 investment zones across the UK, which could benefit from £80 million of interventions over the next five years.

[Mary Glindon]

The Government have not published an industrial strategy since 2017 and, as a result, the UK now has the lowest level of business investment in the G7. So what is the Minister’s plan to encourage business investment in the UK, given that the Government have not even published an industrial strategy?

[Ms Ghani]

I think the hon. Lady has misunderstood exactly what we are doing. We have industrial strategies, be it for the automotive sector, the aviation sector, the maritime sector, or science and tech—that one was published just yesterday. This is not just about publishing strategies; it is also about delivering, which is what we are cracking on with and doing. As for UK investment, we are the leading country for start-up capital outside the United States, and just a few weeks ago we attracted £20 billion into tech—this is twice as much as France and Germany.