The Tories are the party of the entrepreneur and the consumer
4 min read
Our modern industrial strategy puts productivity at the top of the political agenda – and will revive growth and unlock earning power, writes Greg Clark
Amid the ebb and flow of the Brexit negotiations, you could be forgiven for thinking that our departure from the European Union was all-consuming – but you’d be wrong.
Over the last year, in my department alone, we launched our modern industrial strategy, worked with industries to announce six sector deals that will create skilled, higher-paying jobs, and introduced a price cap that will protect consumers from unjustified price rises.
We are the party of the entrepreneur and the consumer. We support businesses that create jobs and pay the taxes that fund our vital public services; because we understand that private enterprise is a force for good.
But we have to recognise that the economy and the world are changing. We are at one of the most exciting, and yet challenging, times in the history of modern enterprise. Despite the progress that we have made across the country, serious questions remain for our country.
Some communities have not felt the benefits from the changes to the global economy, and haven’t benefited from the prosperity felt in other parts of the country. Despite record employment and enviable levels of foreign direct investment, our productivity remains below our competitors internationally.
Our modern industrial strategy is our answer to Britain’s long-term challenges. It’s not about picking winners; it’s about the serious answers to the questions facing our economy. Through the rise in new forms of technology, the way we do business and live our lives – as workers and consumers – is changing. To back the country for the long term, we’re working with businesses, inventors and innovators to address these challenges.
The industrial strategy identifies five foundations of productivity: ideas, people, infrastructure, business environment and places. By building on these foundations, we will create an economy that boosts productivity and earning power throughout the UK – a country with an economy transformed to meet the challenges of the future.
As part of our plan to boost people’s earning power, we’re raising research and development spending to its highest ever level – with more investment in maths and technical education together with investment in digital infrastructure.
We’re also focusing on four keys areas where Britain can lead the world in the coming technological revolution. At a time when more decisions about our economic future will be in our hands, focusing on the areas that will make the difference is even more important.
These four ‘grand challenges’ – in artificial intelligence and big data; clean growth; the future of mobility; and meeting the needs of an ageing society – have been identified by working with businesses and innovators, scientists and inventors.
By backing these four key areas, we launched a dedicated fund matched with private investment from leading businesses – providing an example to the world, public sector and private working together to propel Britain’s industries in the sectors of the future.
As we look to the future, it is one in which Britain’s strengths are in increasing demand all around the world. The world is avid for our products, services, skills and know-how. To benefit from the opportunities before us, we need to prepare to seize them.
Ten years on from the financial crisis, we are proud to have record levels of employment in this country, with unemployment at its lowest level in over 40 years. But we must join the forces of our people and our economy as part of our modern industrial strategy to create better paid and better quality jobs across the country.
With an economy founded on invention and built on innovation, Britain is well-placed to benefit from the coming industrial revolution. Together, working with industries, in the interests of workers and consumers, we can build a country fit for the future.
Greg Clark is Conservative MP for Tunbridge Wells and secretary of state for business, energy and industrial strategy
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