Industrial strategy must help all of the UK lift productivity
The key aim of today’s announement on the Industrial Strategy is to lift the UK’s standing in international league tables of productivity, two of those foundations stand out. The first is place, meaning the UK’s geographically lopsided economy. The second priority should be skills.
There was an extra £406m for maths and technical education in the budget – but bigger investment will be required in technical colleges and the retraining of those in work.
Another key foundation of a successful Industrial Strategy will be “invisible infrastructure”, meaning improving the interaction between government and business.