United Kingdom industrial strategy aims to 'take sting out of Brexit'
28 November, 2017, 01:23 | Author: Chad Mckenzie
To mark the launch of a White Paper on industrial strategy, leading life sciences company MSD said it will open a state-of-the-art hub in the United Kingdom, creating 150 jobs.
The UK has committed to raising total research and development (R&D) investment to 2.4% of GDP by 2027 and increasing the rate of R&D tax credit to 12%.
Business Finance analyst Carl D'Ammassa, at investment bank Aldermore, said: "It is early days for the Government's new Industrial Strategy, however it appears that the lofty ambitions for the Strategy are yet to translate into awareness".
"Industrial strategies inevitably focuses on exciting new industries, such as AI and life sciences", Willetts said.
Other sector specific deals are due to be unveiled in Artificial Intelligence, the automotive and construction industries in the coming weeks.
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Britain launched its first full industrial strategy for decades on Monday, as it seeks to tackle weak productivity and bolster businesses amid the upheaval caused by Brexit. Today's announcement appears to have given them little to cheer about.
The industrial strategy White Paper, published today, says that "Britain will take a leading role in a new industrial revolution as significant as the last" and that the government "will drive change through the biggest increase in public investment in [research and development] in our history".
Business Secretary Greg Clark said: "The way we earn and live our lives as workers, citizens and consumers is being transformed by new technologies". 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.
Chair of the Life Science Industrial Strategy Advisory Board, Sir John Bell said: "Today's investment provides strong evidence that a coherent industrial strategy can have a real, tangible impact on economic activity in sectors that we need to strengthen and grow. There must be no missed turns on the path to United Kingdom 2030".
"Reforming the Apprenticeship Levy, and addressing challenges in schools are vital parts of a long term Industrial Strategy". So where was the much talked about sector deal for offshore wind?
The investment announced by MSD today will support a new world-leading life sciences discovery research facility in the United Kingdom, supporting 950 jobs.
"A new United Kingdom location will enable us to build on our proud legacy of invention and be an important contributor to the vibrant and rapidly growing United Kingdom life sciences community, while providing access for more collaborations within the European life science ecosystem".
Qiagen has struck a partnership with a group of universities, research bodies and NHS Trusts around Manchester to develop DNA research in the City.
Theresa May, UK Prime Minister said the Industrial Strategy "will help propel Britain to global leadership of the industries of the future - from artificial intelligence and big data to clean energy and self-driving vehicles" "As we leave the European Union and forge a new path for ourselves, we need to focus on building a better future for our country and all the people who live in it".
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.
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