On Monday 23rd January 2017, PM Theresa May unveiled plans for a united, innovative and inspiring Great Britain in a regional Cabinet meeting.
The ‘Green Paper’ published on Monday outlines how the Government can support UK businesses and the wider UK industry to increase economic growth across Britain. The Government will adopt a two-pronged approach to supporting businesses, through investment and updated regulations that enable businesses to thrive in new sectors and export more easily to the rest of the world.
The multi-million pound plans will focus on boosting R&D in STEM-related areas; with an investment of £170 million into the creation of ‘Institutes of Technology’ around the UK.
The plans also reflect the significant intervention of the State in the economy, with the concept of ‘Sector Deals’ designed to provide greater support for specific industries, and greater investment in R&D by the government’s Industrial Challenge Strategy Fund.
Businesses in related sectors will be encouraged to band together to make a case for government intervention, a feature already used by the automotive and aerospace industries.
PM Theresa May commented on the Industrial Strategy plan: “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.
“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.”
This strategy could provide vision for the Liverpool City Region, and enable the Manufacturing sector, which already supports nearly 50,000 staff in 3,000 companies and directly contributes £3.2bn to the overall economy, to grow.
Following a recent £500,00 investment into new manufacturing and mechanical equipment, and investment in a new Advanced Manufacturing Coordinator, The Engineering College is re-positioning itself at the very heart of the Manufacturing Agenda in Merseyside, exploring skills opportunities in the wind, nuclear, composites, automation and high speed manufacturing sectors.
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