Cable sets out his ‘vision for industry’

The new strategy included creating a new 'industrial bank' to make capital more available, developing sector strategies in, for example, advanced manufacturing and "accelerating the journey from pure academic research to a commercial product with the help, for instance, of a new innovation and knowledge centre in synthetic biology and "recognising government's role as a customer and developing a more intelligent partnership with its own supply chain". CBI director-general John Cridland said the commitment from the business secretary was "a valuable first step on this critical path to future success". MAS area director David Caddle believed the strategy recognised the need to focus on advanced manufacturing and welcomed plans to remove barriers to finance, "so long a problem for companies in the supply chain, who are looking to grow but need access to cash to do so". Terry Scuoler, chief wxecutive at the manufacturers' organisation EEF, said business would welcome the greater certainty the strategy would bring but added that it "must be rooted in a robust analysis of which technologies will generate the greatest future opportunities and, in which the UK has the greatest potential". On proposals for a British investment bank Scuoler said the government "must do everything it can to encourage the financial sector to better support business investment. This means raising the level of competition within the Banking sector and developing a range of alternatives to Bank finance". Sector skills council Semta welcomed the announcement, highlight that actions outlined in the industrial strategy proposal will create more apprenticeships, vocational training opportunities and other learning such as work experience and work placements. Semta's UK operations director Lynn Tomkins said: "We are delighted to have a long-term, strategic partnership between government and industry to give businesses clarity on where the government will be concentrating its efforts. "The business secretary has made clear that advanced manufacturing and engineering is key to the UK's industrial growth plan. Firms working with Semta are keen to take ownership of skills and to work together to help drive increases in the recruitment of apprentices and graduates as well as upskilling the current workforce and ensuring the sector priorities and needs are addressed."