Business

Government’s industrial strategy will only succeed if EVERYONE buys into it, says GEOFF HO | City & Business | Finance


Business Secretary Greg Clark will officially abandon the laissez-faire approach to industry that has been in place since the 1980s, when he publishes the Government’s industrial strategy white paper.

There are many other things I would love to see included, but most crucial is joined-up thinking and signs of co-ordination between all Government departments.

It is no good having an industrial strategy if, for example, the tax system does not incentivise firms to improve their productivity by updating their equipment and processes.

Or if companies cannot find the staff they need, due to schools and universities churning out people without the skills or attributes that a 21st century economy needs.

The industrial strategy will only succeed if everyone, from all government departments, to businesses, to schools and universities, buys in to it.

Regardless of what some of wildly overly optimistic people tell you, Britain faces tougher times, at least in the short term.

The Government’s industrial strategy will be one of the factors that determines how we cope and the quality of the UK’s future growth.

Let us hope that they get it right



Source link

Add Comment

Click here to post a comment