A key element of the Council’s work is to recommend a series of success measures for the Industrial Strategy. We have developed a robust set of metrics that cover the key elements of the Industrial Strategy – the Foundations, the Grand Challenges, and the Sector Deals.
We will look at ways to improve the measurement of success and look beyond GDP. The success metrics consider measures of social, human and natural capital, as well as broader welfare impacts. It is through these measures that the impact on the lives of UK citizens can be tracked. These success metrics enable the Council to make distributional comparisons across demographic groups, places and firms, as well as make international comparisons.
Development and methodology
The success metrics are underpinned by a strong theoretical understanding of what drives growth and are mapped to Industrial Strategy polices. You can read more on the on the methodology followed by the Council to develop its success metrics in its paper “Measuring the Success of the Industrial Strategy”
The Council believes that its approach to evaluation should be live and dynamic. This means that metrics may be replaced over time as new research is developed, or better data is collected. There are outstanding gaps that the Council will continue to investigate, and these include areas where data is missing or not yet of sufficiently quality. We are keen to continue working with stakeholders to understand what data could help close these gaps.
Explore the Council’s interactive data tools
Key macroeconomic indicators, including productivity, earnings and well-being
Indicators of progress towards the aims of the Industrial Strategy’s Foundations of Ideas, People, Infrastructure and Business Environment
Indicators of progress in the context of the Industrial Strategy’s Grand Challenges of Artificial Intelligence and Data, Ageing Society, Clean Growth and Future of Mobility
Key macroeconomic indicators at a sectoral level