Industrial Strategy Council Annual Report 2020
The Industrial Strategy Council has published its first Annual Report, setting out its evaluation of the UK’s Industrial Strategy.
The Council believes that a successful Industrial Strategy requires
Longevity, since Industrial Strategy policies typically take a lengthy period to have a significant and durable impact on the economy.
Scale, since Industrial Strategy policies need to be large enough to have that large and lasting impact on macro-economic outcomes.
Co-ordinated, since an Industrial Strategy is likely to span different aspects of policy and different departments of government and other bodies.
Alongside these overarching points around the key success criteria for the Industrial Strategy, the Annual Report focuses on a few key policy areas in greater detail, including:
Tackling ‘mega trends’ through the Grand Challenges;
Addressing regional disparities through Local Industrial Strategies;
Government’s commitment to achieving R&D investment equal to 2.4% of GDP by 2027 and the contribution of the Industrial Strategy Challenge Fund;
Addressing the future skills challenge;
The role of the British Business Bank in supporting the provision of SME finance;
And the recent reforms to the apprenticeship system.