Government's approach to Industrial Strategy shows danger of fizzling out

18 September 2017

The Business, Energy and Industrial Strategy (BEIS) Committee publish a Government response to the Committee's Industrial Strategy report.

The Committee's original report covered a range of issues relating to the Government's Industrial Strategy Green Paper, looking at areas such as skills, geographical rebalancing, manufacturing, foreign takeovers, innovation, and Investment in R&D. 

'Lacklustre' response to Committee's report

Rachel Reeves, Chair of the Business, Energy and Industrial Strategy Committee, said:

"Theresa May promised a 'proper industrial strategy to get the whole economy firing' but the Government's lacklustre response to our report suggests their approach is already in danger of fizzling out"

"The Government is showing no sign of delivering on the PM's rhetoric on building an economy that works for all.

The forthcoming proposals from ministers must spell out what steps the Government intends to take to intervene and in what circumstances - including on foreign takeovers of British businesses which the PM now seems to be going cold on despite earlier signs of wanting to support and protect strategically important British businesses.

"There also needs to be greater clarity and action around the Government’s desire to rebalance our economy across Britain more fairly. If future economic success is to be felt by everyone, the Government must show greater vision and set out how this goal will be achieved by co-ordination right across Government." 

Further information

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