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New UK industrial strategy to be 'tailored to individual regions' New UK industrial strategy to be 'tailored to individual regions'
(35 minutes later)
Theresa May’s new government has declared it will develop an industrial strategy for the UK that spreads wealth across the country rather than focusing on individual areas. Theresa May’s government has declared it will develop an industrial strategy for the UK that spreads wealth across the country.
Greg Clark, the business, energy and industrial secretary, said that for too long government policies have treated every region identically but successful industrial strategies are “rooted in the local”. Greg Clark, the business, energy and industrial secretary, said that for too long government policies had treated every region identically but successful industrial strategies were “rooted in the local”.
Clark’s comments to business leaders at the annual Institute of Directors convention in London, give an early insight into how May’s government will approach the economy and businesses. The previous business secretary, Sajid Javid, expressed his dislike for industrial strategies while the coalition government focused on working with certain sectors, such as the automotive and aerospace industries. Clark’s comments to business leaders at the annual Institute of Directors convention in London, gave an insight into how May’s government will approach the economy and businesses. The previous business secretary, Sajid Javid, expressed his dislike for industrial strategies while the coalition government focused on working with certain sectors, such as the automotive and aerospace industries.
Clark said it was unacceptable that Britain had the richest area in northern Europe – London – but also nine of the 10 poorest. He pledged to discuss the UK’s industrial strategy with local authorities and business leaders.Clark said it was unacceptable that Britain had the richest area in northern Europe – London – but also nine of the 10 poorest. He pledged to discuss the UK’s industrial strategy with local authorities and business leaders.
However, Clark also warned that the government “must never be a protector of incumbency” and should allow new businesses and ideas to thrive, adding that the government knows that Britain must change following the Brexit vote. However, he also said the government “must never be a protector of incumbency” and should allow new businesses and ideas to thrive, adding that the government knew Britain must change following the Brexit vote.
UK infrastructure needs to modernised, he added, with roads outside London crumbling as the capital prepares to enjoy the benefits of the multi-billion pound Crossrail project. He also said there needed to be an upgrade of corporate governance and the government’s relationship with businesses. UK infrastructure needed to be modernised, he said, with roads outside London crumbling as the capital prepared to enjoy the benefits of the multibillion-pound Crossrail project. He also said there needed to be an upgrade of corporate governance and the government’s relationship with businesses.