UK Industrial Strategy – creative traders' overview

Prime minister Theresa May has unveiled proposals for a "modern Industrial Strategy," which includes new commitments on innovation, skills and the creative industry, including:

· Recognising the creative industries are one of the UK’s five key sectors that the strategy should focus on.

· Working towards creating a joined-up, authoritative view of sector-specific skills gaps.

· Exploring how data (such as that held by HMRC and Companies House) can be used to identify scale-up businesses.

· Giving the small business mister the new role of 'Scale-Up Champion.'

· Continuing to accelerate the digital modernisation of railways (Autumn Statement 2016 allocated over £450 million to trial the deployment of digital signalling).

· Launching a review into entrepreneurship to assess the support currently available to entrepreneurs and consider international best practice with the aim of identifying any potential gaps in current policy.

· Beginning a review to maximise the incentives created by the Intellectual Property system to stimulate collaborative innovation and licensing opportunities.

· Placing Intellectual Property Office representatives in key UK cities.

· Building a local capability to commercialise intellectual property in the North of England and in the Midlands.

· Continuing with an independent review of the UK’s Small Business Research Initiative to examine how the government can use strategic procurement to support businesses developing innovative new products and services.

· Launching a challenge prize programme, whereby the prize will help inform the state’s support to the ‘everyday entrepreneurs’ operating in companies and at home – such as through supporting enabling environments and incubators.

· Continuing to make the UK the safest place to do business online:

· Instructing Sir Peter Bazalgette to conduct an independent review into how the UK’s creative industries can help underpin our future prosperity by utilising and developing new technology, capitalising on intellectual property rights, and “growing talent pipelines.”

Reflecting on the modern industrial strategy, which the above measures are a part of, the PM said it would “drive growth” across the UK, “creating more high-skilled, high paid jobs and opportunities.”

Mrs May also said: “A truly modern British Industrial Strategy must make Britain a hive of new industries which will challenge the companies and industries of today.”

 

 

25th January 2017

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