Industrial Strategy earmarks £170 million for construction sector transformation

29 November, 2017, 01:08 | Author: Katrina Soto
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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".

The white paper, building on the Budget announced last week by Chancellor Philip Hammond, recognises the Bank of England's assessment that improved management and leadership is a key factor in boosting productivity; it acknowledges that poor management skills could account for a quarter of the productivity gap between the United Kingdom and the US.

Leading retailers aspire to source more apparel from domestic manufacturers and a partnership with government for an industry sector deal which would herald an opportunity to make a material difference in breaking down the barriers to creating a world-leading, high-tech ethical fashion manufacturing industry based here in the United Kingdom, from a small base today.

"It is clear that the United Kingdom can, through a collaborative partnership between government, industry, academia, charities and the NHS, deliver the next wave of innovation that will benefit patients, transform the health care system, and generate economic growth and improved productivity". "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".

"Powered by new technology, new industries are being created, existing ones changing and the way we live our lives - as workers, citizens and consumers - transformed".

Industrial Strategy Challenge Fund: £1bn focused on innovation in robotics and battery technology was announced in April. They are artificial intelligence, clean growth, mobility and innovative ways to help an aging society.

The Industrial Strategy states: "This will be achieved through a joint commitment to implement reforms to the Construction Industry Training Board to make it more strategic and industry led, and to enable the sector to make best use of funding from the Apprenticeship Levy".

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The government's Industrial Strategy, published today, announces a range of initiatives but has left many underwhelmed on the key issue of developing the management capability to address Britain's poor productivity.

Sector deals: Partnerships between government, business and government to pursue innovation in life sciences, artificial intelligence, the automotive industry and the construction sectors.

"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".

The strategy will take advantage of global trends to put Britain at the forefront of the industries of the future, according to the Department of Business, Energy and Industrial Strategy.

The government also confirmed that it is pressing ahead with a stream of Sector Deals, with Life Sciences included in the first batch. "Buried in the white paper is the Bank of England's damning assessment that management skills account for a quarter of the productivity gap between the United Kingdom and USA". To create a sustainable economy requires greater use of data and technology to reinvigorate and grow many sectors - this includes manufacturing, professional services, retail banking and telecoms.

"While it's pleasing to see steps being taken to invest in the fourth industrial revolution, much more needs to be done to encourage the take-up and development of skills that will be needed to see it through".

"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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