The industrial strategy and the National Welfare Fund should support the country's industrial base
The UK Government is launching a new Industrial Strategy and National Prosperity Fund to provide stability for investors and support the manufacturing base, including steel. This is stated in the message of the British government.
The key sectors that the first industrial strategy in seven years will focus on will be advanced manufacturing, clean energy, creative industries, digital technology, financial services, life sciences, professional and business services.
«Our modern Industrial Strategy will hardwire stability for investors and give them the confidence to plan not just for the next year, but for the next 10 years and beyond,» said Business and Trade Minister Jonathan Reynolds.
The UK government has also published a Green Paper which businesses can use to help shape their industrial strategy. Consultations are open until November 24. Businesses, international investors, trade unions and any other interested parties are asked for their views on the overall vision, the approach to emerging sectors and the policy levers needed to attract investment.
The UK Infrastructure Bank will be transformed into the National Welfare Fund (NWF). The NWF will extend the mandate beyond infrastructure to support the government’s new industrial strategy. The government will set out more details about the fund’s role in a statement of strategic priorities, and review its success indicators before the start of the next financial year.
At least £5.8bn of NWF capital will be focused on sectors announced in Labour’s manifesto – ports, gigafactories, green hydrogen, capture and green steel.
As reported earlier, the British steel industry called on the government to consider further protectionist trade measures – the industry is preparing for an influx of imported steel against the background of a global surplus of steelmaking capacities.
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