The hunt for growth: can the Industrial Strategy deliver?

• New inquiry: Industrial Strategy
• Submit evidence
• Business and Trade Committee

Scope

The strategy aims to support the Government’s ambitions to:  

• deliver a mission to become the fastest growing economy in the G7, with raised living standards in every part of the country;     
• operate as a strategic, growth-focused state and take a more active role in shaping the economy;   
• forge a new style of partnership with business and unions;   
• coordinate an industrial strategy across Whitehall and with local leaders. 

Ahead of the upcoming Spending Review, the BTC is today launching the first inquiry in a programme of work over this Parliament on the Industrial Strategy, seeking views on the best mix of public investment and the basis for Government investment decisions. 

Crucially, what level of public and private investment is needed to deliver the Government’s growth target?   

How will Government now address the long-standing ‘grand challenges’ - including low investment and stagnant productivity - confronting the British economy?  

Looking at future trends facing the UK economy, is the Government’s focus on a selection of growth-driving sectors correct?   

What trade-offs does Government face in achieving growth that is sustainable, resilient and inclusive - and what role can the industrial strategy play in supporting regional growth and places that have been left behind?  

How can government be re-invented to deliver these completely new levels of policy coordination? 

Chair comment

Rt Hon Liam Byrne MP, Chair of the BTC, said:  

“The prime minister has set a bold target for British growth. But how will the UK’s industrial strategy help deliver it?  This new Inquiry opens our work into one of the real sources of business optimism about the future. We’ll be asking whether ministers have got the strategy right, whether there’s a bold enough plan to reinvent government’s partnership with business and crucially, whether the investment is there to truly deliver on our ambitions.“

The Committee will also use this first stage of inquiry to develop a set of tests or criteria to assess the Government’s progress as the strategy moves from design to delivery.   

All interested stakeholders are now invited to submit evidence on any or all of this first stage inquiry’s questions by February 21st.

Further information

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