PwC comments on Industrial Strategy green paper

In response to the Government’s announcement of its Industrial Strategy green paper, Carl Sizer, PwC UK’s Chief Markets Officer said:

“The launch of the Industrial Strategy green paper today is a welcome step forward for businesses hungry for action to deliver growth. While the strategy remains high-level, the core principles, such as the focus on skills and technology, chime with the demands of businesses we have spoken to.

“However, turning intention into tangible plans and action will be the real test for the government. Our research showed that previous strategies were seen by business leaders to have been short-lived and subject to frequent change. The government seems to have acknowledged this with its intent to place the Industrial Strategy Council on a statutory footing. This will offer greater certainty against which businesses can take longer-term decisions and make important investment decisions.

“Our recent Framework for Growth research, which took in the views of over 1,200 business leaders and decision makers, determined that efforts to tackle the most critical barriers to growth, like skills development, the planning system, and infrastructure investment were often best driven at a local level. It is therefore reassuring to see the Government’s intent to design and implement its strategy in lockstep with local and devolved leaders, and it will be critical to ensure they have the tools they need to grow their economies and develop their own plans.

“In the week the Government has brought together hundreds of industry leaders to help catalyse investment into the UK, we should acknowledge that we increasingly find ourselves competing with countries where governments take a more active role in supporting the private sector. Maximising the UK’s strengths across our leading sectors to compete on the world stage and removing barriers to investment will be crucial to achieving the Government’s economic growth ambitions.”