July 2024
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This conference assessed next steps for the UK’s industrial policy and priorities for supporting both local and national economic growth.
It was an opportunity to discuss key issues at a time of heightened focus on this area of policy in the run up to the General Election.
Delegates examined opportunities to build on the UK’s industrial strengths, increase economic security, and support meeting the domestic net zero target by 2050, following the Business and Trade Committee in the last Parliament launching an inquiry into the Government’s approach to industrial policy.
It also followed the publication of the Labour Party’s, Prosperity through Partnership: Labour’s Industrial Strategy which sets out proposals with emphasis on public ownership and investment in technology and partnerships. It also included proposals to set up a National Investment Bank and Innovate UK Plus and a particular focus on greentech and sustainable technology.
Delegates assessed key issues and priorities for the UK’s industrial strategy moving forward, including in the five growth sectors identified by the current Chancellor of the Exchequer, which include advanced manufacturing, creative industries, digital technology, green industries and life sciences.
Attendees discussed strategic options for supporting the UK’s long-term interests, including priorities for R&D, innovation and investment, and for policy to support UK industrial growth, including strengthening domestic and international partnerships, and developing the skills pipeline.
Responsibilities of devolved administrations and the development and impact of localised strategies were also discussed, including how to best channel continued governmental commitment to the devolution and levelling up agenda.
Keynote speakers who have agreed to take part include: Sir Philip Lowe, Partner, Oxera; Benedict Macon-Cooney, Chief Policy Strategist, Tony Blair Institute for Global Change; Dr Nick O'Donovan, Senior Lecturer, Political Economy and Public Policy, Keele University; and Dr Jeremy Silver, Director, Media Clarity.
Overall, areas for discussion included:
- approaches to industrial policy in the UK: analysing focus industries, such as advanced manufacturing, green industries, life sciences, creative industries and digital technology
- encouraging industry development: fostering innovation and competition - attracting inward investment - support for start-ups and SMEs - regional development - industry partnerships - role of the professional and financial services sectors in driving successful industrial policy
- R&D: industrial research partnerships with universities and key institutions - effective collaborative frameworks to foster innovation and skills development - growing the talent pipeline
- channelling industrial strategy to support key policy goals: economic growth and security - job creation - the transition to net zero - levelling up
- global outreach: looking at opportunities for UK industries to form international industry partnerships and attract foreign investment - learning from international industrial strategy
- local leadership: assessing the impact of the local devolution agenda - role of local leadership in determining local economic strategies and development
The conference was an opportunity for stakeholders to consider the issues in the presence of key policy officials who attend from the Cabinet Office; CCC; CMA; DBT; DLUHC; UKIB; DSIT; DWP; HM Treasury; DAERA, NI; DfC, NI; Defra; Department for the Economy, NI; DESNZ; DfE; DfT; DHSC; Geospatial Commission; GO-Science; HSE; Isle of Man Government; MMO; The Scottish Government; and the Welsh Government - as well as parliamentary pass-holders from the House of Lords.
The proceedings of the conference will be circulated more widely, to Parliamentarians, ministerial offices, and government and regulatory officials with an interest in the issues being discussed. All delegates will also receive a video recording of the conference.
