The Department for Business and Trade (DBT) released Invest 2035: the UK’s modern Industrial Strategy in October. This 10-year plan for the economy has been published with the aim of delivering certainty and stability to businesses, in order that they can make future decisions about investing in high-growth sectors and drive economic growth.
The Government has identified eight “growth-driving” sectors as part of proposals, to be prioritised across services and manufacturing, based on existing and emerging strengths that they identify in the plan. These are:
- Advanced Manufacturing
- Clean Energy Industries
- Creative Industries
- Defence
- Digital and Technologies
- Financial Services
- Life Sciences
- Professional Business Services
As part of the next stage of the work, the Government intends to identify subsectors within these broad sectors to further act as a catalyst for growth and for which there is evidence that policy can address barriers to growth.
The Chamber has been reviewing these important policy announcements to understand what they may mean for members, but also in particular various sectors and we are keen to hear views – what has the Government ‘got right’ in terms of their plan for growth?
Are there some areas that need further consideration, or perhaps policy plans suggested that have unintended consequences? Are there any impacts particular to Liverpool and the surrounding areas, following the announcement of the “growth driving” sectors and Government’s desire to identify sub-sectors within these for attention, which they suggest will help ‘champion’ growth?