Experts call on Government to deliver a 'bold' industrial strategy to reboot the British economy
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Ministers were last night urged to deliver a genuine industrial strategy to reboot the British economy after Rachel Reeves backed research and development, AI and the British Business Bank.
Experts demanded a ‘funded and joined-up long-term vision’. Reeves backed an extra £2.2billion for R&D, a £2billion AI action plan and £1.2billion a year for training and apprenticeships.
And she pledged to boost the financial capacity of the British Business Bank, which helps UK firms to access finance, to £25.6billion – a two-thirds increase.
Labour promises a full industrial strategy this summer.
Stephen Phipson, of manufacturers trade association Make UK, said: ‘Industry needs a funded and joined-up long-term vision as a matter of urgency.
'This must include bold measures to address the UK’s eye-watering industrial energy costs and skills crisis.’
Jennifer Townsend, at property firm Knight Frank, said Reeves had shown science, technology and innovation ‘are central to growth ambitions’.
Jess Ralston, at the Energy & Climate Intelligence Unit, said: ‘Will the Government act to reduce the impact of high gas prices, which UK steel has said is the main driver of disparities with industries in Europe?’
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