Finance

Industrial Strategy created to make Britain the 'world's most innovative nation'

Industrial Strategy created to make Britain the 'world's most innovative nation'

As well as outlining the benefits for the economy, Clark set out Strategy's long-term vision, focussing on the improvements for productivity and United Kingdom earning power by embracing technological change.

Clarke added: "The way we earn and live our lives as workers, citizens and consumers is being transformed by new technologies".

The Industrial Strategy white paper said retail, tourism and hospitality's "lower average productivity levels" and the large number of people the sectors employ makes them prime opportunities for improvement.

The government wants to position the United Kingdom as a world leader in maximising the value we extract from our resources, strengthening the market for secondary materials and moving towards a more circular economy, its new Industrial Strategy has said.

Hugh McNeal, RenewableUK Chief Executive expressed disappointment that the Industrial Strategy does not mention onshore wind, wave or tidal energy.

Maddalaine Ansell, University Alliance chief executive, said: "It is particularly welcome that today's White Paper signals a more strategic role for the Office for Students in identifying the future skills needs of the United Kingdom economy".

Sector deals: Partnerships between government, business and government to pursue innovation in life sciences, artificial intelligence, the automotive industry and the construction sectors.

"The strategy unveiled today reflects this engagement, with a new and unique partnership between government, academia and industry, supported by policies that are committed to making the United Kingdom economy more productive and giving it a competitive edge in the future and overseas".

The section of the Industrial Strategy linked to the circular economy and the waste and resources strategy due out in 2018 look to be aligning with the European Commission's circular economy proposals which are nearing completion.

"We are committed to moving towards a more circular economy - to raising productivity by using resources more efficiently, to increasing resilience by contributing to a healthier environment, and to supporting long-term growth by regenerating our natural capital". We will position the United Kingdom as a world leader in sustainably maximising the value we extract from our resources, while minimising the negative impacts of their extraction, use and disposal. As part of this work, we will work with industry to explore options to introduce electronic tracking of waste.

This work is to build on the foundations "set out in our 25 Year Environment Plan", says the government - although the plan itself has been delayed and is not expected until the New Year. The ambition to double resource productivity by 2050, along with the existing commitment to zero avoidable waste by the same time, are clear signs the Government is starting to hear this message.

The strategy "heralds a new approach to how government and business can work together to shape a stronger, fairer economy", Mrs May said in the foreword to the document.

Artificial intelligence - "we will put the United Kingdom at the forefront of the artificial intelligence and data revolution".

May said: "It will help create the conditions where successful businesses can emerge and grow, and support these businesses in seizing the big opportunities of our time, such as artificial intelligence and big data, whilst also making sure our young people have the skills to take on the high-paid, high-skilled jobs this creates".