Over the last seven years, we have made huge progress in restoring our public finances and rescuing our economy from the brink of bankruptcy. Thanks to the sacrifices of the British people, the deficit is now down two-thirds since 2010, the unemployment rate is at its lowest in over 40 years and we have had 19 continuous quarters of economic growth.
Industrial
Strategy
Building a Britain fit for the future
Industrial Strategy White Paper
2
Contents
Foreword from the Prime Minister
04
Foreword from the Secretary of State
06
Introduction
08
Grand Challenges
30
Ideas
56
People
92
Infrastructure
126
Business Environment
162
Places
214
Conclusion: Britain and the world
240
Industrial Strategy White Paper
4
Foreword from the
Prime Minister
Over the last seven years, we have made huge progress in
restoring our public finances and rescuing our economy from the
brink of bankruptcy. Thanks to the sacrifices of the British people,
the deficit is now down two-thirds since 2010, the unemployment
rate is at its lowest in over 40 years and we have had 19
continuous quarters of economic growth.
We should take enormous pride in
these achievements and the difference
they are making for many families and
businesses in our country. But at the
same time, we must also recognise
there are some communities which
have struggled to keep pace with
changes in the global economy and as a
result not fully shared in the prosperity
that growth has delivered.
For me it is not enough to see growth
in the national economy if your
local economy is shrinking. It is not
ambitious enough to have record jobs
growth, unless those jobs are secure
and delivering real growth in wages.
And we are not fulfilling Britain’s
potential if, despite having scientists
and universities renowned the world
over, we cannot turn their ideas into
the products and services on which the
industries of the future will be built.
That is why one of my first actions
as Prime Minister was to begin the
development of a modern Industrial
Strategy that would help businesses to
create high quality, well paid jobs right
across the country. This document is
a vital step in delivering that vision.
More than just a set of announcements,
it heralds a new approach to how
government and business can work
together to shape a stronger, fairer
economy. At its heart it epitomises my
bel