The Business Secretary has today announced the plan for UK’s Industrial Strategy with a focus on harnessing technological opportunity.
Following the announcement made in last week’s budget, Greg Clark has today stated that £725 million will be invested into Industrial Strategy Challenge Fund Programmes to capture the value of innovation.
As well as outlining the benefits for the economy, Clark set out Strategy’s long-term vision, focussing on the improvements for productivity and UK earning power by embracing technological change.
Amongst the mentioned objectives was the improvement of diagnosing illness earlier, as well as developing precision medicine for UK patients through investment of up to £210 million. With meeting the needs of an ageing population highlighted as one the UK’s greatest challenges, the Government also aims to boost innovative research into treatment and medicines, hoping to ensure they’re completed in the UK. With a view to achieving this, it has today confirmed that the life sciences company MSD is due to make a investment into the UK economy by opening a hub in the UK.
As set out in the strategy, the 4 Grand Challenges are as follows:
– artificial intelligence
– clean growth
– ageing society
– future of mobility
In addition to stating that these challenges will shape our ever changing future, the Government also believe that they represent a chance for UK business, academia and civil society to work collaboratively and take advantage of these opportunities through harnessing technology.
Commenting on the strategy, Greg Clark stated:
“The way we earn and live our lives as workers, citizens and consumers is being transformed by new technologies. The UK is well-placed to benefit from this new industrial revolution and we start from a position of significant strength. We have a thriving research and science base and are home to a wide range of innovative sectors, from advanced manufacturing and life sciences, to fintech and creative industries.
“The Industrial Strategy is an unashamedly ambitious vision for the future of our country, laying out how we tackle our productivity challenge, earn our way in the future, and improve living standards across the country.”
The white paper can be accessed here.
