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Uncertain political times are never good for industry, making it difficult to plan for the future and make sound investment decisions. So Theresa May’s recent outline of the UK’s new industrial strategy to bolster the post-Brexit economy was likely felt to have been a long time coming for many businesses around the country.
For most industrial sectors the plan was met with a collective sigh of relief. Government is signalling the importance of industry to the economy and the belief that it can help the country stay relevant on a rapidly changing global stage.
Promisingly, the industrial strategy green paper appears to be fairly forward-thinking. A big investment of £4.7 billion is planned to cover the areas of transport, particularly in upgrading infrastructure, affordable energy and “clean growth”, with a focus on smart energy technologies, as well as spending on robotics and artificial intelligence and the development of digital industries such as broadband and 5G mobile technology. There will also be a £556 million investment boost for the so-called Northern Powerhouse. Rebalancing the economy’s seat of power away from the City is clearly still a major government priority.
However, not everyone was happy with the news. Some sectors have expressed disappointment at being overlooked in the strategy, with the oil and gas sector only being referred to twice in the 132-page document compared to 13 times for nuclear. It is unclear where the troubled oil and gas sector will sit in the future energy mix, although Oil & Gas UK has expressed the hope that it will be able to work closely with government during the consultation on the green paper.
Other organisations’ responses have welcomed the strategy but with a hint of caution – many like the sounds coming from government but will believe it when they see it. And there are still major concerns over whether, after Brexit, companies will be able to gain access to the highly skilled European workers who are currently in the UK.
With many huge question marks still looming about political policy it is heartening to see industry being given the attention it deserves, particularly in the realm of research and development. The UK has always been excellent at creating innovative technology, but less adept at commercialising it. Whether the government will give this issue enough focus remains to be seen.
However, there are still some great examples of the UK taking the lead in technology development. We have an that looks at the work being done at major automotive firms to push forward electric powertrain technology for motorsport. Meanwhile, we find out how British engineers at Airbus have been collaborating with European counterparts to create a world-leading weather monitoring satellite.
This provides an important lesson to hold on to during times of political upheaval – it is only by continuing to collaborate with other countries that we will maintain our world-leading position.
Contact: Tanya Blake, Acting Editor, at Unit G4, Harbour Yard, London SW10 0XD. tanya.blake@caspianmedia.com