Industrial strategy: Theresa May’s ten-point plan to support economy
Prime Minister Theresa May has announced a ten-point plan as the foundation of the government’s industrial strategy. It will target regional inequalities and regulatory barriers to support the growth of small businesses across the UK and outlines the plans to improve procurement opportunities for small firms and affordable energy as well as digital and transport infrastructure.
“The strategy will align central government infrastructure investment with local growth priorities”, says May; suggesting a commitment to specifically support regional enterprise.
The government’s ten-point plan is comprised of pledges such as:
Investing in science, research and innovation
Supporting business to start and grow
Improving government procurement
Encouraging trade and inward investment
Delivering affordable energy and clean growth
Cultivating world-leading sectors
Driving growth across the whole country
Creating the right institutions to bring together sectors and places
The announcement of the “ten pillars” is to be followed by a green paper which will add further detail to the newly unveiled industrial strategy.
May is anticipated to appoint small business minister Margot James as the UK’s new “scale-up champion” – a role intended to aid high-growth start-ups and help grow them into successful international companies.
This appointment follows the statements made in September 2016 by leading fund manager Neil Woodford that the UK was failing to provide entrepreneurs with the capital needed over the long term, to become competitive on a global level.