The UK government has unveiled it’s industrial strategy, a 10-year-plan to focus on boosting the ‘strongest sectors of the economy’.
The Law Society has welcomed the new plan, with bosses hailing the strategy ‘bold and ambitious’. The society saythey will be reviewing the plan and contributing to the consultation.
Ian Jeffery, chief executive of the Law Society of England and Wales released a statement on the government’s industrial strategy ‘Invest 2035: The UK’s Modern Industrial Strategy’ published by the Department for Business and Trade today.
“It is a bold and ambitious strategy that can boost growth and the UK economy. It is a breakthrough moment for the legal sector recognising its importance and acknowledging that it’s not just about the bigger firms but, very importantly, it is also about supporting the backbone of our economy, small business,’ he said
“The Law Society of England and Wales is looking forward to reviewing the plan and contributing to the consultation by helping to identify the opportunities and barriers to delivering growth for the legal profession and their clients. As the global economy is changing rapidly, we are committed to supporting the government deliver a growth plan that places the UK firmly at the top.”
The Industrial Strategy will focus on the sectors which offer the highest growth opportunity for the economy and business. Eight growth-driving sectors have been identified: Advanced Manufacturing, Clean Energy Industries, Creative Industries, Defence, Digital and Technologies, Financial Services, Life Sciences, and Professional and Business Services.
In the next stage of development of the Industrial Strategy, the Government will prioritise subsectors within these broad sectors that meet our objectives and where there is evidence that policy can address barriers to growth. Ambitious and targeted Sector Plans will be designed in partnership with business, devolved governments, regions, experts, and other stakeholders, through bespoke arrangements tailored to each sector.
The new modern Industrial Strategy “Invest 2035” is what the UK government is calling it’s ‘credible 10-year plan to deliver the certainty and stability businesses need to invest in the high growth sectors that will drive our growth mission’.
The Strategy will focus on tackling barriers to growth in our highest potential growth-driving sectors and places, creating the right conditions for increased investment, high-quality jobs and ensuring tangible impact in communities right across the UK.
The Strategy’s goal is to capture a greater share of internationally mobile investment in strategic sectors and spur domestic businesses to boost their investment and scale up their growth – the government says is ‘an essential step in achieving, sustainable, inclusive and resilient growth’.
This Green Paper sets out the Government’s approach and asks for your views and evidence to help develop a successful, modern Industrial Strategy to be launched in Spring of next year.