UK industrial strategy impact rests on implementation
Subject UK industrial strategy. Significance The UK government's industrial strategy responds to concerns about poor productivity, Brexit and the profound structural changes the economy is undergoing. ‘Building a Britain fit for the future' rests on five policy-area foundations -- ideas, people, infrastructure, business environment and places. Published on November 27 last year, the strategy was shaped by more than 2,000 responses to a green paper published in January the same year. Impacts Increasing R&D is key to narrowing the gap between the country's success in start-ups and its weakness scaling them up. R&D as a percentage of GDP is below the US, Chinese and German levels, undermining the goal of being the world’s most innovative nation. The STEM funds and the focus on technical as well as higher education will help fill possible post-Brexit labour and skill shortages.