Business secretary, Greg Clark MP has today launched the Industrial Strategy, the strategy sets out the long term plan to boost the productivity and earning power of people in the UK.
With the aim of making the UK the world’s most innovative nation by 2030, the government has committed to investing a further £725 million over the next 3 years in the Industrial Strategy Challenge Fund (ISCF) to respond to some of the greatest global challenges and the opportunities faced by the UK. This will include £170 million to transform our construction sector and help create affordable places to live and work that are safer, healthier and use less energy, and up to £210 million to improve early diagnosis of illnesses and develop precision medicine for patients across the UK.
5 Foundations:
The strategy sets out 5 foundations in their vision for a ‘transformed economy’:
Ideas: The World’s most innovative economy
People: Good jobs and greater earning power for all
Infrastructure: A major upgrade to the nations infrastructure
Business environment: The best place to start and grow a business
Places: Prosperous communities across the UK
Grand Challenges
In the strategy, the government has identified 4 Grand Challenges; global trends that will shape our rapidly changing future and which the UK must embrace to ensure we harness all the opportunities they bring. The 4 are:
- artificial intelligence – we will put the UK at the forefront of the artificial intelligence and data revolution
- clean growth – we will maximise the advantages for UK industry from the global shift to clean growth
- ageing society – we will harness the power of innovation to help meet the needs of an ageing society
- future of mobility – we will become a world leader in the way people, goods and services move
According to the report this is the start of a partnership to create a more productive economy that works for everyone across the UK .
Next Steps:
- Read the full Industrial Strategy here
- Explore our Careers Hub, an impartial look at careers of the future and ones you can do right now!
- No matter what the future holds young people need skills, read more about our free Young Professional Membership here
