Updated summary slides on the Government's rationale behind and approach to Industrial Strategy. Includes progress update on sector and technology strands.
Supply-side policies aim to increase potential economic growth through microeconomic reforms that improve market efficiency. Examples discussed include privatizing industries like Royal Mail; reducing business regulations; lowering taxes on individuals and corporations; welfare reforms to incentivize work; education reforms; increasing wages; changing migration policies; investing in infrastructure for transport, energy, and housing; and establishing regional enterprise zones with tax breaks.
The industrial policy of Nepal aims to promote industrial development, create jobs, and increase incomes to contribute to the national economy. The long-term goal is to minimize poverty through sustainable industrial growth in cooperation between public, private, and cooperative sectors. Objectives include increasing exports, production, employment, and national income through competitive industries while ensuring balanced regional development using local resources. Major policies focus on export promotion, new technologies, industries using local resources, and strengthening the industrial foundation. Challenges include political instability, energy shortages, weak infrastructure, lack of skilled labor, and global competition.
This document discusses vertical industrial policy and argues that it is an illusion for poverty reduction. It defines vertical and horizontal industrial policy. Vertical policy selectively favors certain industries while horizontal policy benefits all industries equally through public goods. The document outlines several arguments against vertical policy, including rent-seeking, information problems, inflexibility, targeting the wrong sectors, and susceptibility to shocks. It also discusses preconditions like governance, institutions, and development framework that are often lacking. Case studies of Malaysia and Sierra Leone show how horizontal policies may be better for building capabilities and innovation. The conclusion is that the best vertical policy for poverty reduction is no policy at all.
The document summarizes Bangladesh's Industrial Policy 2016. It discusses the history of industrial policies in Bangladesh since independence in 1971, with 11 policies introduced up to 2016. The key focus of these policies was encouraging private sector growth, reducing the role of public sector, and stimulating industrial development. The Industrial Policy 2016 aims to make Bangladesh a middle-income country by 2021 through public-private partnerships and massive industrialization to raise industry's contribution to GDP and employment. It defines large, medium, small and other industry categories based on employment and asset size.
Kenya has implemented various industrial policies aimed at fostering industrialization and developing a globally competitive manufacturing sector by 2030. However, past policies based on import substitution and structural adjustment did not lead to significant industrial development. Kenya's current policies focus on improving infrastructure, access to finance, value addition in key sectors, innovation, and workforce skills. However, challenges remain including high costs, lack of competitiveness, weak policy coordination, and dumping of imports. Kenya is working to address these challenges through strategies like developing special economic zones and improving regional connectivity and trade.
The document discusses the Economic Survey of India and provides context around key economic indicators. It summarizes that the Economic Survey reviews India's economic performance in the previous year and aims to inform the formulation of the upcoming budget. It then highlights some of the key figures from the 2005-2006 Economic Survey such as GDP growth projected at 8.1%, agriculture growth at 2.3%, and inflation projected at 5%. The document also discusses concepts like fiscal deficit, revenue deficit, and debt indicators for central and state governments combined.
This document provides an overview of industrial development strategies in South Africa from the 1940s to present. It discusses policies and programs from apartheid like the Bantustan system, to post-apartheid initiatives such as the Reconstruction and Development Programme, Growth Employment and Redistribution policy, Black Economic Empowerment, Broad-Based Black Economic Empowerment, National Development Plan, Spatial Development Initiatives, and Industrial Development Zones. Centralization and decentralization of industry is also examined.
Supply-side policies aim to increase potential economic growth through microeconomic reforms that improve market efficiency. Examples discussed include privatizing industries like Royal Mail; reducing business regulations; lowering taxes on individuals and corporations; welfare reforms to incentivize work; education reforms; increasing wages; changing migration policies; investing in infrastructure for transport, energy, and housing; and establishing regional enterprise zones with tax breaks.
The industrial policy of Nepal aims to promote industrial development, create jobs, and increase incomes to contribute to the national economy. The long-term goal is to minimize poverty through sustainable industrial growth in cooperation between public, private, and cooperative sectors. Objectives include increasing exports, production, employment, and national income through competitive industries while ensuring balanced regional development using local resources. Major policies focus on export promotion, new technologies, industries using local resources, and strengthening the industrial foundation. Challenges include political instability, energy shortages, weak infrastructure, lack of skilled labor, and global competition.
This document discusses vertical industrial policy and argues that it is an illusion for poverty reduction. It defines vertical and horizontal industrial policy. Vertical policy selectively favors certain industries while horizontal policy benefits all industries equally through public goods. The document outlines several arguments against vertical policy, including rent-seeking, information problems, inflexibility, targeting the wrong sectors, and susceptibility to shocks. It also discusses preconditions like governance, institutions, and development framework that are often lacking. Case studies of Malaysia and Sierra Leone show how horizontal policies may be better for building capabilities and innovation. The conclusion is that the best vertical policy for poverty reduction is no policy at all.
The document summarizes Bangladesh's Industrial Policy 2016. It discusses the history of industrial policies in Bangladesh since independence in 1971, with 11 policies introduced up to 2016. The key focus of these policies was encouraging private sector growth, reducing the role of public sector, and stimulating industrial development. The Industrial Policy 2016 aims to make Bangladesh a middle-income country by 2021 through public-private partnerships and massive industrialization to raise industry's contribution to GDP and employment. It defines large, medium, small and other industry categories based on employment and asset size.
Kenya has implemented various industrial policies aimed at fostering industrialization and developing a globally competitive manufacturing sector by 2030. However, past policies based on import substitution and structural adjustment did not lead to significant industrial development. Kenya's current policies focus on improving infrastructure, access to finance, value addition in key sectors, innovation, and workforce skills. However, challenges remain including high costs, lack of competitiveness, weak policy coordination, and dumping of imports. Kenya is working to address these challenges through strategies like developing special economic zones and improving regional connectivity and trade.
The document discusses the Economic Survey of India and provides context around key economic indicators. It summarizes that the Economic Survey reviews India's economic performance in the previous year and aims to inform the formulation of the upcoming budget. It then highlights some of the key figures from the 2005-2006 Economic Survey such as GDP growth projected at 8.1%, agriculture growth at 2.3%, and inflation projected at 5%. The document also discusses concepts like fiscal deficit, revenue deficit, and debt indicators for central and state governments combined.
This document provides an overview of industrial development strategies in South Africa from the 1940s to present. It discusses policies and programs from apartheid like the Bantustan system, to post-apartheid initiatives such as the Reconstruction and Development Programme, Growth Employment and Redistribution policy, Black Economic Empowerment, Broad-Based Black Economic Empowerment, National Development Plan, Spatial Development Initiatives, and Industrial Development Zones. Centralization and decentralization of industry is also examined.
The document outlines the Meat Industry Strategic Plan (MISP) 2020, which provides the strategic priorities and over $1 billion investment plan for Australia's red meat and livestock industry through to 2030. The industry contributes over $7 billion annually to Australia's GDP and is the largest food manufacturing and a major employer, exporting $16 billion worth of beef, sheepmeat and goatmeat products in 2014-15. MISP 2020 was developed based on extensive economic modeling and industry consultation to identify opportunities to add $7 billion to industry profits and risks that could lose $6 billion by 2030 if not addressed.
The document summarizes Thailand's new investment promotion policy that will take effect in January 2015. The key points are:
- The policy aims to promote investment in R&D, innovation, value-added goods and knowledge-based sectors to help Thailand transition to a knowledge economy and overcome the middle-income trap.
- Major incentives include corporate income tax exemptions of up to 8 years for certain promoted activities, exemption of import duties on machinery and raw materials, and other non-tax incentives.
- Promoted activities are classified into groups that qualify for different levels of tax and non-tax incentives, with the most beneficial incentives going to activities that enhance national competitiveness.
The document outlines India's industrial policies since independence. Key policies include the Industrial Policy Resolution of 1948 which accepted a mixed economy with government monopoly in select industries. The 1956 policy emphasized heavy industries and expanding the public sector. The 1973 policy gave preference to small and medium enterprises. The 1980 policy promoted competition and 1991 policy deregulated industry, allowed private sector flexibility, and reduced licensing/controls.
This document outlines discussions that were had with industry stakeholders to inform the development of the Meat Industry Strategic Plan (MISP) 2020. Key feedback included that there are too many strategic plans, it's difficult to measure industry and organizational performance, the industry is fragmented in its operations, and stakeholders want to see results. The document proposes that MISP2020 address these issues by having fewer, larger collaborative investments, objective transparent reporting, stronger leadership and coordination, and inclusive consultation and economic analysis. It outlines the development process for MISP2020, including widespread consultation, economic modeling, and defining key performance indicators. The proposed structure includes various industry bodies and sectors. Potential opportunities and risks are quantified, and the benefits of MISP2020 are estimated
The document discusses India's national and state-level industrial policies. It provides an overview of key industrial policies from 1948 to 1991, highlighting their objectives such as promoting productivity growth and employment. The 1991 policy aimed to deregulate industry and encourage private sector growth. Key reforms included liberalizing foreign investment rules, simplifying licensing, and reducing public sector dominance. The document also briefly outlines some focus areas of industrial policies for various Indian states such as encouraging private participation in infrastructure.
The National Foreign Trade Policy aims to reverse declining export trends and support sectors hit by recession. It sets targets to increase exports to $200 billion by 2011 and double exports of goods and services by 2014. Key policies include fiscal incentives, market access support, and improving export infrastructure to achieve these targets in a challenging global trade environment. The policy focuses on employment-oriented sectors and emerging markets, while promoting trade agreements and Brand India.
The Union Budget 2014-15 proposed various measures to promote manufacturing in India including establishing a National Industrial Corridor connecting smart cities, developing 20 new industrial clusters and 7 industrial smart cities, and creating biotech, textiles and agro-biotech clusters. It also aimed to revitalize Special Economic Zones, expand investment allowances for large investments, introduce Goods and Services Tax to streamline taxation, and launch skill development programs like Skill India to address skill gaps hampering growth.
1) Industrial growth in India increased since independence, but faced challenges like weak infrastructure and lack of government intervention initially.
2) The first two Five-Year Plans aimed to develop industries in the public sector and allocate public resources.
3) Various industrial policies and controls were implemented to regulate growth, including licensing, import/export controls, and allocation of credit and raw materials.
4) Industrial growth accelerated in the 1980s due to policy shifts, but slowed from the mid-1960s to the late 1970s due to constraints like slow agricultural growth and infrastructure bottlenecks.
The document outlines Bangladesh's industrial policy for 2016. The key goals are to increase employment through industrialization, raise the industrial sector's contribution to national income, and promote inclusive growth. The policy aims to develop profitable, export-oriented, green, and women-friendly industries through various incentives and reforms. It focuses on supporting small and medium enterprises, developing economic zones, improving productivity and quality, attracting foreign investment, and building skills. Implementation, monitoring, and review of the policy will help assess its impact on the national economy.
Introduction
The industrial policy means the procedures, principles, policies rules and regulations which control the industrial undertaking of the country and pattern of industrialization. It explains the approach of Government in context to the development of industrial sector. In India the key objective of the economic policy is to achieve self-reliance in all sectors of the economy and to develop socialistic pattern of society. The industrial policy in the pre-reform period i.e. before1991 put greater emphasis on the state intervention in the field of industrial development. These policies no doubt have resulted into the creation of diversified industrial structure but caused a number of inefficiencies, distortions and rigidities in the system. Thus during late 70’s and 80’s, Government initiated liberalization measures in the industrial policy framework. The drastic liberalization measures were however, carried out in 1991.
Industrial Policies Prior to 1991
Industrial Policy Resolution, 1948
The first important industrial policy statement was made in the Industrial policy Resolution (IPR), 1948. The main thrust of IPR, 1948 was to lay down the foundation of mixed economy whereby the private and public sector was accepted as important components in the development of industrial economy of India. The policy divided the industries into four broad categories:
(i) Industries with Exclusive State Monopoly: It included industries engaged in the activity of atomic energy, railways and arms and ammunition.
(ii) Industries with Government Control: It included the industries of national importance and so needs to be registered. 18 such industries were put under this category eg. fertilizers, heavy chemical, heavy machinery etc.
(iii) Industries in the Mixed Sector: It included the industries where private and public sector were allowed to operate. Government was allowed to review the situation to acquire any existing private undertaking.
(iv)Industries under Private Sector: Industries not covered by above categories fell in this category.
IPR, 1948 gave public sector vast area to operate. Government took the role of catalytic agent of industrial development. The resolution assigned complementary role to small-scale and cottage industries. The foreign capital which was seen with suspect in the pre-independent era was recognized as an important tool to speedup up industrial development
The document discusses the evolution of India's industrial policies from the initial five-year plans which focused on developing a domestic industrial base through public sector investments, to the liberalization in 1991 which reduced licensing, opened the economy to foreign investments, and increased the role of the private sector. It analyzes the impact and achievements and weaknesses of India's industrialization drive during the various five-year plans, highlighting both the development of a strong industrial foundation as well as issues like underutilized capacity and regional imbalances.
A digital copy of the Business News 24 (31 July edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
This document provides an overview of India's industrial policy from 1991. It defines industrial policy and outlines the objectives of India's original and new industrial policy from 1991. The key features of the 1991 New Industrial Policy included deregulating industries, reducing public sector control, and opening the economy to foreign investment and technology. The document also briefly discusses previous industrial policies and notes some positives and watch-outs of the new policy, including potential bureaucracy issues and foreign investor confusion over procedures.
Strategies for Growth: Opportunities in the Jamaican Business Environmentvictoriamutual
There are opportunities for growth in the Jamaican business environment that will improve the economy with the right strategies and effective management.
A digital copy of the BH24, Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
This document provides an overview of industrial profiles and problems faced by industries in India. It defines an industrial profile as a report that gives insight into the history, leaders, forces, and financial data of an industry. It then discusses the structure and organization of large-scale industries in India, including private sector, public sector, and joint sector models. The document also covers the importance of large-scale industries for the Indian economy, as well as common problems faced by both private and public sector enterprises, such as technology issues, environmental regulations, shortage of capital, and inefficient management. It concludes by offering suggestions for how to solve industrial problems, such as defining the causes, generating clues for solutions, collecting data, and establishing consistent processes.
The new Industrial Policy of India aims to make India a manufacturing hub through initiatives like 'Make in India'. It was formulated through consultations including focus groups and an online survey, examining areas like manufacturing, technology, ease of doing business, infrastructure, skills, and artificial intelligence. The policy will incorporate smart technologies for advanced manufacturing and aim to reduce foreign ownership limits in Indian companies while encouraging joint ventures and technology transfer over foreign direct investment alone.
Impact of Government Policies on productivityBirpartap Singh
Government policies have impacted productivity in various sectors in India. In manufacturing, total factor productivity growth was slow or negative from 1951-1979 but has not improved significantly in the post-reform period from 1980-2007. In agriculture, total factor productivity growth rates were approximately 1.45-2.33% per year between 1973-1993. In the automotive industry, policies like allowing 100% FDI and exempting manufacturing from licensing have supported growth. However, productivity in India's defense sector has been limited by the government's failure to sufficiently encourage private sector involvement in defense production.
This document provides a summary of the ERC State of Small Business Britain Conference in 2019. It includes summaries of multiple presentations and sessions at the conference on topics related to small businesses in Britain, including:
- An overview of the state of small businesses based on recent statistics showing declining confidence, entrepreneurial activity, and business profitability.
- A discussion of the UK government's industrial strategy and sector deals to increase productivity in key industries like life sciences, automotive, and construction.
- Presentations on unlocking growth in the creative sector, the challenges facing an automotive SME after 11 years in business, and the future prospects for small businesses in the automotive industry in light of trends in the UK
There are four key pillars that form the basis of a successful industrial strategy:
1. A comprehensive and defined strategic vision with objectives to address challenges.
2. Sound and accessible analysis to back up the strategic vision.
3. A long term approach with defined milestones to allow for review.
4. Coordination and accountability across government to ensure effective implementation.
The document outlines the Meat Industry Strategic Plan (MISP) 2020, which provides the strategic priorities and over $1 billion investment plan for Australia's red meat and livestock industry through to 2030. The industry contributes over $7 billion annually to Australia's GDP and is the largest food manufacturing and a major employer, exporting $16 billion worth of beef, sheepmeat and goatmeat products in 2014-15. MISP 2020 was developed based on extensive economic modeling and industry consultation to identify opportunities to add $7 billion to industry profits and risks that could lose $6 billion by 2030 if not addressed.
The document summarizes Thailand's new investment promotion policy that will take effect in January 2015. The key points are:
- The policy aims to promote investment in R&D, innovation, value-added goods and knowledge-based sectors to help Thailand transition to a knowledge economy and overcome the middle-income trap.
- Major incentives include corporate income tax exemptions of up to 8 years for certain promoted activities, exemption of import duties on machinery and raw materials, and other non-tax incentives.
- Promoted activities are classified into groups that qualify for different levels of tax and non-tax incentives, with the most beneficial incentives going to activities that enhance national competitiveness.
The document outlines India's industrial policies since independence. Key policies include the Industrial Policy Resolution of 1948 which accepted a mixed economy with government monopoly in select industries. The 1956 policy emphasized heavy industries and expanding the public sector. The 1973 policy gave preference to small and medium enterprises. The 1980 policy promoted competition and 1991 policy deregulated industry, allowed private sector flexibility, and reduced licensing/controls.
This document outlines discussions that were had with industry stakeholders to inform the development of the Meat Industry Strategic Plan (MISP) 2020. Key feedback included that there are too many strategic plans, it's difficult to measure industry and organizational performance, the industry is fragmented in its operations, and stakeholders want to see results. The document proposes that MISP2020 address these issues by having fewer, larger collaborative investments, objective transparent reporting, stronger leadership and coordination, and inclusive consultation and economic analysis. It outlines the development process for MISP2020, including widespread consultation, economic modeling, and defining key performance indicators. The proposed structure includes various industry bodies and sectors. Potential opportunities and risks are quantified, and the benefits of MISP2020 are estimated
The document discusses India's national and state-level industrial policies. It provides an overview of key industrial policies from 1948 to 1991, highlighting their objectives such as promoting productivity growth and employment. The 1991 policy aimed to deregulate industry and encourage private sector growth. Key reforms included liberalizing foreign investment rules, simplifying licensing, and reducing public sector dominance. The document also briefly outlines some focus areas of industrial policies for various Indian states such as encouraging private participation in infrastructure.
The National Foreign Trade Policy aims to reverse declining export trends and support sectors hit by recession. It sets targets to increase exports to $200 billion by 2011 and double exports of goods and services by 2014. Key policies include fiscal incentives, market access support, and improving export infrastructure to achieve these targets in a challenging global trade environment. The policy focuses on employment-oriented sectors and emerging markets, while promoting trade agreements and Brand India.
The Union Budget 2014-15 proposed various measures to promote manufacturing in India including establishing a National Industrial Corridor connecting smart cities, developing 20 new industrial clusters and 7 industrial smart cities, and creating biotech, textiles and agro-biotech clusters. It also aimed to revitalize Special Economic Zones, expand investment allowances for large investments, introduce Goods and Services Tax to streamline taxation, and launch skill development programs like Skill India to address skill gaps hampering growth.
1) Industrial growth in India increased since independence, but faced challenges like weak infrastructure and lack of government intervention initially.
2) The first two Five-Year Plans aimed to develop industries in the public sector and allocate public resources.
3) Various industrial policies and controls were implemented to regulate growth, including licensing, import/export controls, and allocation of credit and raw materials.
4) Industrial growth accelerated in the 1980s due to policy shifts, but slowed from the mid-1960s to the late 1970s due to constraints like slow agricultural growth and infrastructure bottlenecks.
The document outlines Bangladesh's industrial policy for 2016. The key goals are to increase employment through industrialization, raise the industrial sector's contribution to national income, and promote inclusive growth. The policy aims to develop profitable, export-oriented, green, and women-friendly industries through various incentives and reforms. It focuses on supporting small and medium enterprises, developing economic zones, improving productivity and quality, attracting foreign investment, and building skills. Implementation, monitoring, and review of the policy will help assess its impact on the national economy.
Introduction
The industrial policy means the procedures, principles, policies rules and regulations which control the industrial undertaking of the country and pattern of industrialization. It explains the approach of Government in context to the development of industrial sector. In India the key objective of the economic policy is to achieve self-reliance in all sectors of the economy and to develop socialistic pattern of society. The industrial policy in the pre-reform period i.e. before1991 put greater emphasis on the state intervention in the field of industrial development. These policies no doubt have resulted into the creation of diversified industrial structure but caused a number of inefficiencies, distortions and rigidities in the system. Thus during late 70’s and 80’s, Government initiated liberalization measures in the industrial policy framework. The drastic liberalization measures were however, carried out in 1991.
Industrial Policies Prior to 1991
Industrial Policy Resolution, 1948
The first important industrial policy statement was made in the Industrial policy Resolution (IPR), 1948. The main thrust of IPR, 1948 was to lay down the foundation of mixed economy whereby the private and public sector was accepted as important components in the development of industrial economy of India. The policy divided the industries into four broad categories:
(i) Industries with Exclusive State Monopoly: It included industries engaged in the activity of atomic energy, railways and arms and ammunition.
(ii) Industries with Government Control: It included the industries of national importance and so needs to be registered. 18 such industries were put under this category eg. fertilizers, heavy chemical, heavy machinery etc.
(iii) Industries in the Mixed Sector: It included the industries where private and public sector were allowed to operate. Government was allowed to review the situation to acquire any existing private undertaking.
(iv)Industries under Private Sector: Industries not covered by above categories fell in this category.
IPR, 1948 gave public sector vast area to operate. Government took the role of catalytic agent of industrial development. The resolution assigned complementary role to small-scale and cottage industries. The foreign capital which was seen with suspect in the pre-independent era was recognized as an important tool to speedup up industrial development
The document discusses the evolution of India's industrial policies from the initial five-year plans which focused on developing a domestic industrial base through public sector investments, to the liberalization in 1991 which reduced licensing, opened the economy to foreign investments, and increased the role of the private sector. It analyzes the impact and achievements and weaknesses of India's industrialization drive during the various five-year plans, highlighting both the development of a strong industrial foundation as well as issues like underutilized capacity and regional imbalances.
A digital copy of the Business News 24 (31 July edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
This document provides an overview of India's industrial policy from 1991. It defines industrial policy and outlines the objectives of India's original and new industrial policy from 1991. The key features of the 1991 New Industrial Policy included deregulating industries, reducing public sector control, and opening the economy to foreign investment and technology. The document also briefly discusses previous industrial policies and notes some positives and watch-outs of the new policy, including potential bureaucracy issues and foreign investor confusion over procedures.
Strategies for Growth: Opportunities in the Jamaican Business Environmentvictoriamutual
There are opportunities for growth in the Jamaican business environment that will improve the economy with the right strategies and effective management.
A digital copy of the BH24, Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 15:30hrs to give a summary of the day's business news.
This document provides an overview of industrial profiles and problems faced by industries in India. It defines an industrial profile as a report that gives insight into the history, leaders, forces, and financial data of an industry. It then discusses the structure and organization of large-scale industries in India, including private sector, public sector, and joint sector models. The document also covers the importance of large-scale industries for the Indian economy, as well as common problems faced by both private and public sector enterprises, such as technology issues, environmental regulations, shortage of capital, and inefficient management. It concludes by offering suggestions for how to solve industrial problems, such as defining the causes, generating clues for solutions, collecting data, and establishing consistent processes.
The new Industrial Policy of India aims to make India a manufacturing hub through initiatives like 'Make in India'. It was formulated through consultations including focus groups and an online survey, examining areas like manufacturing, technology, ease of doing business, infrastructure, skills, and artificial intelligence. The policy will incorporate smart technologies for advanced manufacturing and aim to reduce foreign ownership limits in Indian companies while encouraging joint ventures and technology transfer over foreign direct investment alone.
Impact of Government Policies on productivityBirpartap Singh
Government policies have impacted productivity in various sectors in India. In manufacturing, total factor productivity growth was slow or negative from 1951-1979 but has not improved significantly in the post-reform period from 1980-2007. In agriculture, total factor productivity growth rates were approximately 1.45-2.33% per year between 1973-1993. In the automotive industry, policies like allowing 100% FDI and exempting manufacturing from licensing have supported growth. However, productivity in India's defense sector has been limited by the government's failure to sufficiently encourage private sector involvement in defense production.
This document provides a summary of the ERC State of Small Business Britain Conference in 2019. It includes summaries of multiple presentations and sessions at the conference on topics related to small businesses in Britain, including:
- An overview of the state of small businesses based on recent statistics showing declining confidence, entrepreneurial activity, and business profitability.
- A discussion of the UK government's industrial strategy and sector deals to increase productivity in key industries like life sciences, automotive, and construction.
- Presentations on unlocking growth in the creative sector, the challenges facing an automotive SME after 11 years in business, and the future prospects for small businesses in the automotive industry in light of trends in the UK
There are four key pillars that form the basis of a successful industrial strategy:
1. A comprehensive and defined strategic vision with objectives to address challenges.
2. Sound and accessible analysis to back up the strategic vision.
3. A long term approach with defined milestones to allow for review.
4. Coordination and accountability across government to ensure effective implementation.
Focus on fiscal policy – balanced budget fiscal expansiontutor2u
The document discusses the concept of a "balanced budget fiscal expansion" which aims to stimulate economic growth while maintaining a balanced budget. It involves cutting some spending, like public employee wages, and using the savings to increase other spending, like on infrastructure, that is expected to have a higher fiscal multiplier effect. Several factors can affect the size of the fiscal multiplier, including the type of spending/tax change, who benefits, private sector expectations and credit availability, and responses from monetary policy and other countries. Examples given of policies using this concept include bringing forward tax increases to fund temporary infrastructure spending or cutting some spending to increase capital investment.
Focus on fiscal policy – balanced budget fiscal expansiontutor2u
The document discusses the concept of a "balanced budget fiscal expansion" which aims to stimulate economic growth while maintaining a balanced budget. It involves cutting some spending, like public employee wages, and using the savings to increase other spending, like on infrastructure, that is expected to have a higher fiscal multiplier effect. Several factors can affect the size of the fiscal multiplier, including the type of spending/tax change, who benefits, private sector expectations and credit availability, and responses from monetary policy and other countries. Examples given of policies using this concept include bringing forward tax increases to fund temporary infrastructure spending or cutting some spending to increase capital investment.
Innovation Policy by Fergus Harradence BISTal Oron
A presentation by the deputy director for innovation policy, Mr. Fergus Harradence @ a talk organized by the Entrepreneurs Interactive Society, Imperial Business School
Supply-side policies aim to improve the long-term productive capacity of an economy by focusing on factors like incentives, skills, competition and infrastructure. Recent UK supply-side policies include welfare reforms, tax incentives for R&D and shale gas, and investments in infrastructure and apprenticeships. Higher productivity is key to improving competitiveness and living standards, but the UK has lagged peers in productivity growth in recent years due to underinvestment and other factors.
The Hardware Association Ireland (HAI) presented policy proposals to support business growth and job creation in town and village centres. HAI proposed: 1) Implementing recommendations from recent reports to stimulate rural economies and construction, including rural economic zones and expanding home renovation incentives. 2) Stimulating construction through help-to-buy schemes and credit guarantee programs. 3) Expanding microloan programs and incentivizing temporary seasonal work to boost local entrepreneurship. HAI believes these proposals could help address imbalances in economic activity between rural and urban areas.
The document outlines the UK's Industrial Strategy, which aims to boost innovation, skills, infrastructure, business growth, and local economies. Some key points include:
- The strategy focuses on five foundations: ideas, people, infrastructure, business environment, and places.
- It addresses four "Grand Challenges": growing the AI and data economy, clean growth, the future of mobility, and an aging society.
- Initiatives include increasing R&D funding, developing skills programs, investing in infrastructure, partnering with industry through Sector Deals, and supporting local economic development.
The UK Strategic Investment Fund has committed funding to support various projects focused on advanced manufacturing and innovation. This includes £45 million for low-carbon aircraft engine technology research through the Technology Strategy Board and £12 million to expand the Printable Electronics Centre. It also allocated £8 million to expand the Manufacturing Advisory Service and provided £12 million to support an Industrial Biotechnology demonstrator facility. The fund aims to strengthen the UK's capabilities in key industrial sectors and support the development of new technologies.
The UK Strategic Investment Fund has committed funding to support advanced manufacturing in the UK. Several projects have received funding, including £45 million for low-carbon aircraft engine technology research through the Technology Strategy Board. An additional £12 million was provided to expand the Printable Electronics Centre focusing on low-carbon products. The Manufacturing Advisory Service also received an £8 million expansion to provide support to more UK manufacturers. The fund aims to support the development and adoption of new technologies in advanced manufacturing sectors to promote innovation and job growth.
The UK Strategic Investment Fund has committed funding to support advanced manufacturing in the UK. Several projects have received funding, including £45 million for low-carbon aircraft engine technology research through the Technology Strategy Board. An additional £12 million was provided to expand the Printable Electronics Centre focusing on low-carbon products. The Manufacturing Advisory Service also received an £8 million expansion to provide support to more UK manufacturers. The fund aims to support the development and adoption of new technologies in advanced manufacturing sectors to promote innovation and job growth.
The Federal Budget 2014 will affect different sectors differently. This article explores the changes ahead, the pros and cons, and how to make the most of the opportunities that the changes represent.
Future of manufacturing: a new era of opportunity and challenge for the UK - ...bis_foresight
Foresight project looking at the long-term picture for the UK manufacturing sector between now and 2050.
Read the full report here: http://www.slideshare.net/bis_foresight/future-of-manufacturing-a-new-era-of-opportunity-and-challenge-for-the-uk-project-report
For more information, see: http://bit.ly/FoMn
The document discusses the future of manufacturing in the UK. It finds that manufacturing will be very different by 2050 and will face both opportunities and challenges. Key points include:
- Manufacturing will be faster, more responsive to customers, and integrated with services. Products and processes will be more sustainable. The sector will also be more dependent on highly skilled workers.
- The UK government needs to help manufacturing adapt by focusing on workforce skills, access to financing, and developing a new office dedicated to coordinating long-term manufacturing policy.
- For the UK to succeed, both government and industry must prepare for the significant changes ahead and work to realize opportunities while meeting coming challenges.
Industrial policy in India aims to regulate, develop and control industrial undertakings through rules set by the government. It prescribes roles for public, private and cooperative sectors and indicates roles for large, medium and small industries. It incorporates various economic policies and aims to accelerate growth, generate employment, promote balanced development and small enterprises. Major reforms to India's industrial policy since 1991 include deregulating industries, reducing public sector control, allowing more foreign investment and technology transfers.
Future of manufacturing: a new era of opportunity and challenge for the UK - ...bis_foresight
Foresight project looking at the long-term picture for the UK manufacturing sector between now and 2050.
Read the summary report here: http://www.slideshare.net/bis_foresight/13-810futuremanufacturingsummaryreport
For more information, see: http://bit.ly/FoMn
Supply-side policies aim to improve the productive potential of an economy through various market-based and state intervention approaches. Market-led policies focus on making markets more competitive through deregulation and tax cuts, while state intervention aims to address market failures. The goals are to increase productivity, investment, skills, and competitiveness. This can generate higher long-run economic growth and living standards. However, supply-side policies face limitations such as long time lags and risks of unintended consequences from government intervention in markets. Evaluating their impact requires considering both supply and demand-side factors.
Supply-side policies aim to improve the long-term productive capacity of an economy by focusing on incentives, productivity, and efficiency. They can involve both market-led policies to reduce regulations and interventionist policies like infrastructure investment. Examples include tax cuts, education and training programs, and regional development initiatives. The goals are to increase GDP growth, wages, and living standards through higher productivity and competitiveness.
Supply-side policies aim to improve the productive potential of an economy through various market-led and state intervention approaches. Market-led policies focus on making markets more competitive through deregulation and tax cuts, while state intervention aims to overcome market failures. The objectives of supply-side policies include improving skills, productivity, investment, and competitiveness. Successful supply-side policies could achieve sustained low inflation growth and reduce unemployment. However, the effects of supply-side policies can take a long time to materialize and not all policies effectively pick winners. Evaluating their impact also requires considering demand-side conditions and issues like inequality and sustainability.
The document discusses India's 'Make in India' initiative to boost manufacturing. It aims to increase manufacturing's contribution to GDP from 15% to 25% by streamlining regulations, improving infrastructure and facilitating business. Key sectors discussed include defense, agriculture, infrastructure, healthcare and a focus on MSMEs which significantly contribute to output, exports and employment in India.
Similar to Industrial Strategy: update of summary slides August 2013 (20)
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The burden of government regulation on businesses in the UK has started to ease, as indicated by the UK's score on an indicator measuring how burdensome government regulation is for businesses. However, there are still opportunities to improve UK competitiveness in several areas, as the country does not rank as highly on some competitiveness indicators compared to other nations. The document examines the UK's performance on measures related to the burden of government regulation and competitiveness.
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Growth in private sector employment is offsetting declines in public sector jobs. The working age population is either employed in the private sector, unemployed, or economically inactive. This data comes from the UK government and shows employment trends in the private and public sectors.
The document discusses improving the impact of policy analysis at the UK Department for Business, Innovation and Skills (BIS). It notes that while there is no single approach, common themes are brevity, clarity, relevance, knowing the audience, and using rational and interpersonal influencing tactics. Examples are given of analysis that was too conceptual or lacked concrete facts/recommendations. The document concludes that BIS analysts already produce high-quality analysis and there are opportunities to further increase impact by experimenting with different styles and formats to better meet decision-makers' needs.
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The document summarizes the application process for Round One of the Regional Growth Fund in England. It outlines that the £1.4 billion fund will be allocated through a competitive bidding process, with the first round closing on January 21st and subsequent rounds held. Bids will be evaluated based on their potential to encourage private sector growth and job creation, particularly in areas dependent on the public sector. To be successful, bids must demonstrate how they meet the fund's objectives, consider five assessment criteria, and offer value for money through leveraging private funding and local economic fit. A strong bid will be evidence-based, realistic, and brief while clearly meeting the stated goals.
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Speakers:
Bob Boule
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2. No return to the old growth model
• Previous growth model based
on government spending,
consumption and property
speculation.
• Contribution to GDP from
Government activity grew
from 0.3% between 1990-99
to 0.7% between 1999-2008
– becoming the second most
important driver of growth.
A stable macro business environment is key to enabling growth
• The deficit means Government spending cannot contribute to growth to
the same degree.
Why we need to act
Expenditure Contributions to Growth
-4
-3
-2
-1
0
1
2
3
4
1997-07 2008-09 2010-11 2012 2013 2014-15 2016-17
Averageannualcontribution(ppts)
Govt consumption & investment Net trade
Other$ Business investment
Household consumption & NPISH#
3.3%
- 2.5% 1.4% 0.2%
2.7%
2.0%
0.6%
GDP growth
OBR forecasts
$ includes dwellings investment & changes in inventories
# non-profit institutions serving households (mainly charitable sector)
Expenditure Contributions to Growth
-4
-3
-2
-1
0
1
2
3
4
1997-07 2008-09 2010-11 2012 2013 2014-15 2016-17
Averageannualcontribution(ppts)
Govt consumption & investment Net trade
Other$ Business investment
Household consumption & NPISH#
3.3%
- 2.5% 1.4% 0.2%
2.7%
2.0%
0.6%
GDP growth
OBR forecasts
$ includes dwellings investment & changes in inventories
# non-profit institutions serving households (mainly charitable sector)
Source: Office for Budget Responsibility Economic and Fiscal forecasts March 2013
3. UK’s relative position is being challenged
• Globalisation and the rise of the
BRICS* economies are changing the
UK’s relative position in global
economy.
• Developing countries are competing
higher up the value chain,
challenging the UK’s comparative
advantage.
If the UK stands still there is a danger we will be left behind
Why we need to act
*Brazil, Russia, India, China, South Africa
4. The UK Growth Strategy:
Industrial Strategy
The Government’s 4 Growth Ambitions are to:
• Deliver the most competitive tax system in the G20
• Make UK one of the best places in Europe to start, finance and grow a
business
• Encourage investment and exports as a route to a more balanced
economy
• Create a more educated workforce that is the most flexible in Europe
* The 4 ambitions from The Plan for Growth 2011, published by HMT and BIS alongside Budget 2011
Strong, sustainable and balanced growth
Deficit reduction, Monetary activism and Supply-side reform are a core
part of the Government’s approach to improving growth.
5. Industrial Strategy
Industrial Strategy: government and
industry in partnership
Industrial Strategy: Key principles
• Long term;
• Partnership with business;
• Whole of Government approach; and
• Giving businesses the confidence to invest.
6. Five themes of Industrial Strategy:
Industrial Strategy
• A spectrum of support for all sectors;
• Supporting emerging technologies including the “8 Great”;
• Working with business to help develop skills that businesses will need;
• Working to improve access to finance for businesses;
• Giving confidence to business by publishing a forward look of
government contracts.
7. Strategic partnerships – the 11 sectors
Industrial Strategy
Published
Aerospace (March 2013)
Aim: Maintain existing UK
market share; secure UK
employment
Life Science
Strategy (Dec 2011)
and one year on
update (Dec 2012)
Aim: To make the UK
the global hub for life
sciences
Nuclear (March 2013)
Aim: Grow the global
market share; set out role
that nuclear plays in UK
energy mix
Agri-tech
(July 2013) Aim:
increase inward
investment and
exports
Education
(July 2013) Aim:
Increase the UK's
education exports
Information
Economy (June
2013) Aim: to seize
the opportunities
from new ICT
technology
Offshore wind
(August 2013) Aim:
Build competitive and
innovative UK supply
chain
Oil and Gas (March 2013)
Aim: Increase inward
investment in energy
supply chain
Construction
(July 21013) Aim: make
the UK the global leader
in sustainable
construction
Automotive
(July 2013) Aim:
Investment in R&D;
grow and develop UK
supply chain
Professional Business
Services
(July 2013) Aim: make the
UK the global hub of
expertise
8. Technologies
We are investing in emerging technologies, where the UK has the depth of
research expertise and the business capability to develop and exploit these.
• £600 million is being used to support the eight great technologies
Regenerativ
e Medicine
Agri-
science
Energy
storage
RoboticsBig data Synthetic
biology
Advanced
materials and
nanotechnology
Space
technology
Industrial Strategy
• The first seven Catapult centres are now open for business (High Value Manufacturing,
Cell Therapy, Offshore Renewable Energy, Satellite Applications, Connected Digital
Economy, Future Cities and Transport Systems) with total public and private
investment exceeding £1.4 billion over their first 5 years of operation.
•Patent Box introduced progressively from April 2013 will provide reduced corporation
tax rate of 10% for companies exploiting patented inventions
• We recently announced £185m additional funding for the TSB in SR 2015-16. Part of
this will be used to expand the Catapult network with new Catapults in Energy Systems and
Diagnostics for Stratified Medicine.
9. Access to Finance
Access to Finance is a key issue for businesses.
• We are setting up a Government-backed Business Bank which will receive
£1bn of new Government funding.
• Budget 2013 set out that £300 million of this £1 billion will be invested by
Government alongside private investors over the next two years to provide
diverse sources of finance for SMEs - strategy update.
• We are stimulating the development of non-bank finance sources through
the £1.2bn Business Finance Partnership.
• We have agreed an additional £800m of financial transaction funding for the
Green Investment Bank in 2015-16 - Green Investment Bank.
Industrial Strategy
10. Skills
We are working with business to developing the skills that business and
the wider economy need as a fundamental measure to support growth:
• We are giving employers the opportunity to access skills funding through
activity such as the Employer Ownership Pilot.
• In June 2013, we announced that a new £100m employer ownership fund
has been created to co-finance investment in skills in key sectors and new
technologies.
• Rigour and Responsiveness in Skills was published in April 2013 and outlined
the Government’s priorities in reforming apprenticeships, creating
traineeships, ensuring meaningful qualifications and raising standards of
provision.
• We are taking a range of action to improve young people’s engagement with
engineering such as ‘See Inside Manufacturing’ and ‘Make it In Great Britain’
initiatives.
Industrial Strategy
11. Procurement
We are ensuring we get the most out of procurement; and working to
support supply chains.
• We published in May 2013 updated Procurement pipelines covering a range
of sectors. The potential contract opportunities from Government and local
authorities are now worth nearly £79 billion.
• We are working with business to assess the strategic capabilities required in
the supply chain.
• We are operating an open door policy for business to develop a more
strategic relationship with current and future providers.
• We are opening up more Government contracts to SMEs - the ambition is
that 25% of Government’s spend goes to SMEs by 2015 .
Industrial Strategy
12. Progress Summary
• We have published strategies in eleven key sectors.
• £1.6 billion Industrial Strategy package at Budget 2013 (Aerospace, Automotive, Agri-tech).
• £1 billion of new capital for Business Bank.
• £600 million for 8 great Technologies in the Autumn Statement and over £200 million for seven
Catapults.
• £330 million skills EOP (Rounds 1 and 2).
• £100 million for the sequencing of 100,000 whole genomes over next 3-5 years (referenced in
the Strategy for UK Life Sciences 'One Year On', December).
• Publishing reports on tunnelling Building Information Modelling (BIM) and Renal Care.
• Launching a new programme to help 1.6 million small and medium sized enterprises (SMEs) scale
up their business online over the next five years.
Industrial Strategy
13. Industrial Strategy - Stakeholder quotes
• "What's critical is identifying where a long-term partnership between business and
government can make the greatest difference when it comes to encouraging investment
and boosting exports," - John Cridland, Director-General of the Confederation of British
Industry (CBI)
• “Companies and sectors with the potential to deliver new technology and long-term
growth in the economy will do it where there is a coherent, consistent and certain
approach from government” – EEF Spokesperson
• "The strategy fosters strong and meaningful collaboration between the government and
industry and will help to focus efforts on addressing particular areas such as skills,
technology and exports” - Malcolm Webb, chairman of industry body Oil and Gas UK
• “AMEC welcomes this strategy, which recognises the crucial importance of a strong and
growing British nuclear industry to support the domestic and international nuclear
markets” - Clive White, President of AMEC’s Clean Energy Europe business
• “Today’s announcement is the culmination of a lot of hard work from ministers, civil
servants, academics, ADS and industry through the AGP” - Marcus Bryson, CEO of GKN
Aerospace
Industrial Strategy
16. Aim: To secure the UK’s position as a global
hub for health life sciences.
• Publication of Life Sciences - One Year On
strategy in December 2012;
• BIS through the MRC and TSB will invest
£310m to support the discovery,
development and commercialisation of
research;
• commitment to sequence the whole genome
of 100,000 NHS patients
• Help smaller, high risk, early stage companies
by introducing a new Seed Enterprise
Investment Scheme, offering a 50 per cent
income tax relief on investments;
• Introduce an above the line R&D tax credit,
to improve the visibility and certainty of R&D
tax relief to attract large scale investment in
innovation.
Industrial Strategy
17. Aim: To maintain existing UK market share and
secure UK employment.
• Publication of the Aerospace Strategy in
March 2013 - “Lifting Off” ;
• Budget 2013 allocated £1bn to fund
Aerospace Technology Institute, match
funded by industry;
• Develop the aerospace Manufacturing
Accelerator Programme - industry will scope
the business case by the end of 2013/14;
• Tackle Access to Finance issues through the
newly created Aerospace Finance Forum;
• The sector and UKTI will work together to
develop a more strategic approach to
identifying and pursuing opportunities in
overseas target markets.
Industrial Strategy
18. Aim: To maximise the economic production of
The UK’s offshore oil and gas resources.
• Publication of the Oil & Gas strategy in March
2013 - “Business and Government ;
• Map the UK supply chain, including exports, by
value and destination, to determine areas of
constraint and potential opportunities for
additional support;
• Government and industry group which works to
maximise economic recovery of the UK’s
offshore resources of oil and gas;
• Review supply chain position in relation to
‘performance bonds’;
• Industry to establish a national centre of
excellence for technology;
• Establish a national programme to retrain ex-
military personnel and those from other
industries with the relevant transferable skills.
Industrial Strategy
19. Aim: Ensure the development of a vibrant UK
nuclear industry that is an area of economic
and strategic national strength, providing the
UK with a safe, reliable and affordable supply
of low-carbon electricity.
• Publication of the Nuclear Strategy in March 2013
- “The UK’s Nuclear Future”
• Invest £15m through UK Research Councils in
equipment and access to Culham, National
Nuclear Laboratory and Dalton Cumbrian Facility
to facilitate research.
• Government (BIS/DECC) and Industry: Initiate cost
reduction programme.
• UKTI to develop a strategy to increase the level of
investment over time for all parts of the nuclear
supply chain.
• UKTI to work with Nuclear Industry Council, the
Nuclear Industry Association and other parts of
the industry to develop an export strategy,
involving other parts of government.
Industrial Strategy
20. Aim: For the UK to be the best place in the world to
start and grow a technology business and for all our
companies and organisations to be confident and
successful consumers of technology.
• Publication of the Information Economy
Strategy in June 2013;
• Launching a new programme to help 1.6 million
SMEs scale up their business online over the
next five years;
• Developing a new data capability strategy,
allowing people to identify innovative and
efficient interventions on big policy challenges
such as education or transport;
• Establishing the world’s first facility for testing
state of the art 5G mobile technology, working
with industry and the University of Surrey.
• Promotion of innovative teaching tools in
schools, using online learning platforms;
• Working with business, local bodies and skills
organisations to develop a high level digital skills
strategy.
Industrial Strategy
21. Aim: Make the UK the global leader in sustainable
construction by 2025, building on the good work
already done on infrastructure, housing and planning.
• Publication of the Construction strategy in July
2013, which aims to make construction 33%
cheaper, 50% faster, safer, better for the
environment, and result in a 50% reduction in the
trade gap between total exports and total imports
for construction products and materials;
• Improving access to finance through the Institute
of Credit Management and by extending the
Enterprise Finance Guarantee Scheme's trade
credit pilot;
• Working to expand the size of the published
public sector procument pipeline by: exploring
with the higher education and local government
sectors how to open up their future construction
requirements;
• Improving apprenticeships by developing new
guidance with the National Apprenticeship
Service.
Industrial Strategy
22. Aim: To make the UK the global hub of
expertise in Professional and Business
Services.
• Publication of the Professional and Business
Services strategy in July 2013.
•The number of Higher Apprenticeships are
set to be trebled to 10,000 a year over the
next five years.
• A new network of senior business envoys will
champion UK capabilities and trade
opportunities when overseas.
• UK Trade and Investment will also arrange
trade missions specifically for PBS.
Industrial Strategy
23. Aim: To create a competitive, growing and
dynamic UK automotive industry making a
large and increasing contribution to
employment and economic growth in the UK.
• Publication of the Automotive strategy in
July 2013.
• Invest around £1 billion over 10 years to
establish a new Advanced Propulsion
Centre.
• Set up a new Automotive Investment
Organisation (AIO) within UK Trade &
Investment (UKTI) funded by up to £3
million over the next two years to support
inwards investment.
• Recruit more than 7,600 additional
apprentices and 1,700 additional graduates
over the next five years.
Industrial Strategy
24. Aim: The UK is a world leader in agricultural
innovation, productivity and sustainability;
increases inward investment and exports in
agricultural technologies, products and
services; and increases its contribution to global
food security and international development.
• Publication of the Agricultural Technologies strategy in
July 2013.
• Invest £90 million in world class Centres for
Agricultural Innovation with additional investment
from industry, which will support the wide-scale
adoption of innovation and technology across key
sectors, technologies and skills in the food and
farming supply chain.
• Create a £70 million Agri-Tech Catalyst to help new
agricultural technologies bridge the so called ‘valley of
death’ between the lab and the marketplace. Co-
funded with industry, the catalyst will specifically
support small and medium sized enterprises.
• Recruit a new UKTI agri-tech team to boost exports
and overseas investment in the UK’s agricultural
technologies.
Industrial Strategy
25. Aim: Increase the UK’s education
exports
• Publication of the International
Education strategy in July 2013.
• Launching ‘Education is Great’
campaign.
• Establishing an Education UK Unit.
• Appointing a new UK Education
Champion.
Industrial Strategy
26. Aim: Build competitive and innovative
UK supply chain
• Publication of the Offshore Wind Energy
strategy in August 2013.
• £20m from the Regional Growth Fund for
GROW: Offshore Wind, a new Manufacturing
Advisory Service programme.
• £46 million funding over five years for the
Offshore Renewable Energy Catapult Centre.
• Industry-led initiatives to share information
with the supply chain about their procurement
timelines.
• A new Offshore Wind Investment
Organisation, established by UKTI.
Industrial Strategy
27. Government is developing strategic
partnerships with key sectors
• We have identified which sectors could make the greatest contribution to
growth based on:
– Size and opportunity for future economic growth and employment
– Barriers to growth
– Scope for Government action
• Analysis published in September 2012
Industrial Strategy
28. Witty Review – Universities and Growth
• Review into Universities and Growth.
• How to maximise commercial potential of university research in sectors
and technologies relevant to Industrial Strategy; whilst also supporting
local growth.
• He plans to make recommendations aimed at the UK realising the optimum
economic benefits of research excellence.
• Call for Evidence closed on 31 May. Review due for publication in
September.
• The Review will provide preliminary findings relevant to the guidance to
LEPs on their growth strategies in Summer.
29. A stable macro environment is key
• Industrial Strategy builds on the
Government’s wider activity to support
growth
• Government has laid the broad
foundations …
o responsible government finances
o a competitive currency
o promoting exports, especially to
emerging markets
o competitive business taxes
o support for science
• … But more is needed to keep a
sustained advantage
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CurrencyUnitper£
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No business would operate without a long term plan
UK exports of Goods and Services to:
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Other emerging countries BRIC Other advanced economies EU27
£billion
1998 2008 2009 2011
Industrial Strategy