MSD life sciences deal a 'huge vote of confidence in industrial strategy'

Kristopher Drake
November 29, 2017

The white paper, building on the Budget announced last week by Chancellor Philip Hammond, recognises the Bank of England's assessment that improved management and leadership is a key factor in boosting productivity; it acknowledges that poor management skills could account for a quarter of the productivity gap between the United Kingdom and the US.

Monday's strategy re-iterates the government's target of increasing investment in research and development from 1.7 percent of GDP to the OECD average of 2.4 percent.

This commitment has been welcomed by the waste and resources industry, with Ray Georgeson, Chief Executive of the Resource Association, commenting: "It is encouraging to see government now promoting the circular economy and greater resource productivity as important features of the Industrial Strategy and we are pleased to see that our industry's calls for greater recognition have not gone unheard".

Looking to future government publications, Hayler continued: "The forthcoming resources and waste strategy must set out a clear long-term plan for how this can be achieved, and must put in place the right policy levers to ensure we have the right infrastructure to deliver greater resource productivity for the benefit of the United Kingdom economy and environment".

The government has already committed £1 billion to the first round of Industrial Strategy Challenge Fund projects, including the Faraday Challenge, which Clark announced in July.

"Powered by new technology, new industries are being created, existing ones changing and the way we live our lives - as workers, citizens and consumers - transformed".

He added: "We have a thriving research and science base and are home to a wide range of innovative sectors, from advanced manufacturing and life sciences, to fintech and creative industries".

Clark added: "The Industrial Strategy is an unashamedly ambitious vision for the future of our country, laying out how we tackle our productivity challenge, earn our way in the future, and improve living standards across the country".

"So this Industrial Strategy deliberately strengthens the 5 foundations of productivity: ideas, people, infrastructure, business environment and places". The second pledges to ensure the United Kingdom maximises the benefits of "the global shift to clean growth".

"The Industrial Strategy can have a transformative impact on the UK's economy, driving low carbon innovation and the continued growth of jobs, skills and supply chains", Molho said.

The white paper also features the Clean Growth Strategy, announced in October.

Meanwhile, Dr Diana Montgomery, Chief Executive of the Construction Products Association, said: "The construction sector has great potential as a key enabler of United Kingdom economic growth, and given last week's downgrade from the OBR for United Kingdom productivity, this takes on a greater urgency".

"Britain's economy needs a clean, flexible, and affordable energy system".

It will form part of a zero emission road transport strategy to be published in the coming months, with a further £40 million pledged to support research and development of on-street and wireless charging technologies. "The creation of an independent council with teeth to monitor progress will help this". No other reproduction or distribution is permitted without prior written consent.

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