Industrial Strategy: More energy intensive firms to be exempt from policy costs?

  • Industrial Strategy: More energy intensive firms to be exempt from policy costs?

Industrial Strategy: More energy intensive firms to be exempt from policy costs?

The Government wants to invest £725 million to "transform" industries such as housebuilding, medicine, automotive through new technology. The business secretary hailed the investment as an endorsement of his efforts to foster closer co-operation between the state and strategically important industries, such as life sciences.

Speaking at the annual ESA lunch in London on 24 November, Davies said: "We have been finding our way into the Beis to make the case for the sector and engage proactively with the industrial strategy as it is formulated, funded and rolled out".

The government had already previously committed £1 billion to the first wave of Industrial Strategy Challenge Fund projects, including investing £246m in next generation battery technology and £86 million in robotics hubs across the UK.

Summing up the Industrial Strategy paper, Prime Minister Theresa May said: "Our modern Industrial Strategy will shape a stronger and fairer economy for decades to come".

Carolyn Fairbairn, the director general of the Confederation of British Industry, warned that today's announcement "must be the beginning of a strategic race, not a tactical sprint", and urged the government to ensure the effects of Brexit were not allowed to harm industrial strategies as they are rolled out across the nation. "It will ensure Britain continues to be at the forefront of innovation and represents a huge vote of confidence in our industrial strategy". It will drive this sector forward and simultaneously attract other investments into the UK.

He said: "Renewables are set to become the backbone of our modern energy system and the plummeting cost of wind power means onshore and offshore wind can help improve the competitiveness of United Kingdom industry".

"It is clear that the United Kingdom can, through a collaborative partnership between government, industry, academia, charities and the NHS, deliver the next wave of innovation that will benefit patients, transform the health care system, and generate economic growth and improved productivity".

Meanwhile, Qiagen said its plans to develop a genomics and diagnostics campus in Manchester, northern England, had the potential to create 800 jobs.

The UK has committed to raising total research and development (R&D) investment to 2.4% of GDP by 2027 and increasing the rate of R&D tax credit to 12%. Better planning for waste and waste-derived resources around the country, especially to provide sufficient capacity of the right kind in the right place to support local economic development, is a key ask.

CEO Dr Colin Church says "CIWM was looking for the Industrial Strategy White Paper to recognise the role improving resource productivity can play in helping the United Kingdom economy meet the challenges it faces". Government will be working with industry and academia to deliver this goal.

The Strategy has been welcomed by members of the green business community, with Aldersgate Group's chief executive Nick Molho describing it as a clear signal that clean growth is part of the UK's mainstream economic strategy.

The white paper follows extensive engagement by government with industry, academia and business bodies who submitted nearly 2,000 responses to the green paper consultation earlier in 2017.

Each "Grand Challenge" represents an open invitation to business, academia and civil society to work and engage with the government to innovate, develop new technologies and ensure the United Kingdom seizes these global opportunities.