Industrial Strategy includes £170m for construction sector

Britain's Prime Minister Theresa May and Britain's Business Energy and Industrial Strategy Secretary Greg Clark have launched a new industrial strategy which aims to make the UK

Elsewhere, the Industrial Strategy reiterated government's intention to develop a new scheme to encourage energy efficiency investment by large firms, as outlined in the clean growth plan, published last month. As well as AI, the strategy also makes a big play for future of mobility, with the pledge that the United Kingdom will become "a world leader in the way people, goods and services move".

A White Paper setting out the plans committed the government to negotiating joint deals with industry in the life sciences, construction, artificial intelligence and automotive sectors.

It includes plans aimed at making the United Kingdom the world's most innovative nation by 2030 by investing £725million to "transform" industries.

This includes £170 million to "transform" the construction sector and help create affordable places for people to live and work in that are safer, healthier and use less energy. "Raising digital literacy goes hand in hand with maintaining and building on productivity gains in the industry, that continue to outpace the United Kingdom average, and supports the Government's aspiration of a digital economy that works for all".

While CMI did welcome the increased funding for apprenticeships that is included in the white paper, Wilton said the government's Industrial Strategy still did not go far enough in linking improved management skills with better productivity.

Rebecca Long-Bailey, the shadow Business Secretary, accused ministers of repackaging "re-announced policies and old spending commitments, showing once again this is a government short on details and new ideas".

The strategy sets Britain the challenges of being at the forefront of the artificial intelligence revolution, meeting the needs of ageing population, using "clean technology" and becoming a "world leader" in the movement of people and goods.

Four "sector deals" aim to replicate the growth of the vehicle industry in recent years by encouraging investment into highly productive areas including life sciences, construction and artificial intelligence.

"The Industrial Strategy is an unashamedly ambitious vision for the future of our country, laying out how we tackle our productivity challenge, earn our way in the future, and improve living standards across the country".




He added: "We have a thriving research and science base and are home to a wide range of innovative sectors, from advanced manufacturing and life sciences, to fintech and creative industries".

According to the white paper, the way buildings are created in the United Kingdom has not change substantially change in 40 years and "needs a drastic overhaul if it is to deliver the building that the United Kingdom needs".

Britain launched an industrial strategy on Monday as it prepares to leave the European Union and faces uncertain economic prospects.

The Industrial Strategy is meant to push the United Kingdom towards the forefront of the data-driven revolution.

Laurie Miles, director of Analytics at SAS UK & Ireland commented: "Finally, the Government has woken up and recognised that getting ahead in the digital economy is vital to Britain's productivity puzzle".

"There is still plenty to do, including supporting those millions of small businesses not yet taking advantage of basic tech", he said.

Research and Development tax credit: The tax relief for companies which invest in R&D was increased in the Budget.

"We now need to work with BEIS to promote well-functioning markets for secondary raw materials, the key foundation for the UK's ability to create a low-carbon, resource efficient economy".

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