The Government has today released its Industrial Strategy, following a consultation that BEAMA responded to in detail, and confirmed four Sector Deals. BEAMA is currently working towards a Sector Deal for Smart and Low Carbon Products with several other trade associations.
The Strategy sets out 4 Grand Challenges as AI & Data Economy, Future of Mobility, Clean Growth and Ageing Society – all challenges that BEAMA members’ products and services will contribute to. With a mix of new proposals and more detail on funds pledged in last week’s budget, it sets out five policy areas with policies that aim to meet the 4 challenges and boost the UK’s productivity, including:
- Ideas – more R&D and a £725m Industrial Strategy Challenge Fund to encourage innovation
- People – boosting skills and re-training
- Infrastructure – bringing together policies including the Productivity Investment Fund, EV charging and digital infrastructure including 5G and fibre internet
- Business Environment – new Sector Deals (4 of which are launched today), investment for innovative businesses and addressing productivity in SMEs
- Places – working at local and regional level to boost economies and transport infrastructure
An early look at the detailed strategy has given BEAMA cause for optimism. A long term outlook itself is welcome, as these signals and plans (such as national carbon targets) have been successful in driving change. Furthermore, the continued support for Sector Deals is promising for BEAMA and the allied trade associations we are currently working with to develop a Sector Deal for Smart Low Carbon Products. There are also pledges that match ideas included in several BEAMA consultation responses, including to use Government procurement and to address underlying electrical infrastructure to enable rollout of cleaner and more advanced technologies.
BEAMA looks forward to working with members and Government as we give more insight and begin to meet the great challenges.