The strategy, which will be launched at May’s first regional cabinet meeting in the North-West, will aim to build on Britain’s strengths and tackle underlying weaknesses.
The green paper will set out a plan to improve living standards and economic growth by increasing productivity and driving growth.
The government said that 10 strategic pillars will underpin the approach, including supporting businesses to start and grow, encouraging trade and inward investment policy, cultivating world-leading sectors, and improving procurement.
Developing skills is also among the plans by ensuring everyone has the basic skills needed; boosting STEM (science, technology, engineering and maths) skills, digital skills and numeracy; and by raising skill levels in lagging areas.
“The Modern Industrial Strategy will back Britain for the long term: creating the conditions where successful businesses can emerge and grow, and backing them to invest in the long-term future of our country,” May said.
“It will be underpinned by a new approach to government, not just stepping back but stepping up to a new, active role that backs business and ensures more people in all corners of the country share in the benefits of its success.”
The Industrial Strategy is a vital part of the Plan for Britain set out by May last week, the government said.
Later today the PM will launch the Modern Industrial Strategy. Find out more: https://t.co/BDRtiAKu99 pic.twitter.com/f83Fqo07ju
— UK Prime Minister (@Number10gov) 23 January 2017
Terry Scuoler, chief executive of EEF, the manufacturers’ organisation, said the strategy is “an important first step”.
“Manufacturing has a key role to play and we look forward to working with the government on crystallising this into a strategic framework that will work and deliver for industry,” he said.
“The end result of this process must be an industrial strategy that lives up to the promise of driving different behaviours and outcomes for the British economy.”
The green paper also sets out technologies where Britain has strengths in research and development which could be supported through the government’s new Industrial Strategy Challenge Fund, including: smart energy technologies; robotics and artificial intelligence and 5G mobile network technology. This fund is part of £4.7 billion of additional R&D funding announced by the Prime Minister in November.
In addition, as part of the visit to the North West, the government is also announcing a cash boost of £556 million for the Northern Powerhouse to help create jobs, support businesses and encourage growth.
To have your say on the strategy visit, www.gov.uk/beis
