British Prime Minister Theresa May is expected to unveil her strategy to boost British industry in wake of Britain leaving the European Union.
She is expected to launch the new strategy in the North West of England, when she holds her first regional cabinet meeting.
Broadband, energy, and transport are key areas for investment and growth.
As such the government have come up with a ten point plan. This will involve among others investing in science and innovation, developing skills, business support, infrastructure investment, delivering affordable energy, and encouraging trade.
In a green paper the government will set out how it can provide better support to businesses. It is expected that regulatory barrier removal, trade deals, innovation and skills development will feature prominently.
The plan also sees £170m invested to establish technology institutes. Science, technology, maths, and engineering skills together with numeracy and digital skills will also see investment.
Low emission vehicles and life sciences will also see investment.
Industrial Strategy Challenge Fund
As part of a further £4.7bn investment, areas such as smart energy, 5G mobile technology, and artificial intelligence could also see a funding boost as part of the Industrial Challenge Fund.
Business Secretary Greg Clark said that although Britain had some of the best universities in the world, it did not have good alternatives to allow people to develop practical skills.
Carolyn Fairbairn, director general of the CBI said, “It must help fix the country’s productivity problems and remove the regional inequalities that have dogged our country for generations, having a positive impact on living standards, wages and the future opportunities of many people.”
Businesses will have a chance to voice their opinions on the strategy over a consultation period.
Labour have criticised the plan saying it doesn’t go far enough. Shadow business secretary Clive Lewis, commented, “We await further detail, but what’s been announced so far will fall far short of getting us back to where we were in 2010, let alone equip our economy for the challenges of the 21st Century.”