Modern Industrial Strategy: One Year On

One year ago, this Government published the modern industrial strategy, a 10-year plan to increase business investment, drive economic growth and support high-quality jobs across the United Kingdom. The strategy backs the industries that will define the 21st-century economy and tackles the barriers that have too often held back investment, innovation and growth.

Businesses, trade bodies and investors told us that what they needed most was a long-term plan that provided certainty. They also told us that one of the greatest barriers to growth was not ambition, but friction. In response, we have taken action across planning, infrastructure, energy, skills, access to finance, and regulation to make the UK a better place to start, grow and scale a business.

Today, we are publishing a one-year update on delivery of the industrial strategy, setting out how we have taken co-ordinated action to start addressing these barriers to growth. This includes introducing major planning reforms to accelerate infrastructure delivery, reducing energy costs for thousands of firms, improving access to finance for growing businesses, investing in the skills needed by key industries, and strengthening the support available to companies seeking to start, scale and stay in the United Kingdom. Twelve months on, businesses are beginning to see the benefits of a more joined-up approach to Government, with over £380 billion of private investment commitments secured, more than 155,000 jobs supported, and reforms under way to remove barriers to growth across the economy.

The Industrial Strategy Advisory Council continues to play an important role in advising on delivery of the strategy and maintaining a long-term focus on implementation. In January we announced the appointment of Amelia Gould, Keith Anderson and Dana Strong to the council, and in April confirmed that Clare Barclay would continue to serve as chair. We are now confirming that Aislinn Rice, Dame Diane Coyle, the right hon. Greg Clark, Greg Jackson, Henrik L. Pedersen, Henry G. Overman, Kate Bell, Roy Rickhuss, Tunde Olanrewaju and Dame Nancy Rothwell (deputy chair) will continue to serve as members of the council. Chris Grigg, chair of the National Wealth Fund, and Phil Smith, chair of Skills England, will also continue as ex-officio members.

Supporting growth also means ensuring that regulation works for businesses and investors. Alongside the industrial strategy update, we are reporting on progress under the regulation action plan and introducing a new regulator sponsorship charter and growth goals for regulators, marking a shift from ambition to delivery. Our approach is clear: we are regulating for jobs, growth and investment, ensuring the UK’s regulatory system actively supports economic expansion, innovation and competitiveness.

We committed to reduce the annual administrative burden of regulation by 25% by the end of this Parliament, equivalent to £5.6 billion in savings. We have already identified £2 billion in net annual savings, with £1.5 billion delivered and a further £0.6 billion in progress—we are now over a third of the way to our target.