Business Secretary sets out vision for industrial strategy
Tue 11 September 2012
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Secretary of State for Business, Vince Cable MP, has set out his vision for an active industrial strategy which should be cross-departmental, cross-coalition and build long-term horizons. Speaking at Imperial College, London, Dr Cable said the strategy involves the building of collaborative strategic partnership with key sectors including automotive.
Dr Cable outlined five key elements that will form the basis of government’s industrial strategy.
These include the setting up of a British business bank, which could operate through challenger banks and non-bank lenders to increase competition and diversity of supply.
Secondly he announced the implementation of sector strategies, saying that Government would look to develop ‘collaborative but challenging’ sector strategies with key sectors, starting with advanced manufacturing (aerospace, automotive and life sciences) which are due to have strategies set by the end of the first quarter of 2013.
Thirdly, world class skills, with Dr Cable noting that this is key to growth in the UK.
Fourthly, commercialisation of research; the Business Secretary noted that the strategy looks at accelerating the journey from pure academic research to a commercial product being brought to market to help boost ground-breaking technologies of the future.
Finally, procurement; Dr Cable stated that there is a need to recognise Government’s role as a customer and to develop a more intelligent partnership with its own supply chain.
For more information, please read Dr Cable's full speech.
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