IoD press release Implementation of Industrial Strategy will need to address broader business environment
Responding to today’s publication of ‘The UK’s Modern Industrial Strategy’, Anna Leach, Chief Economist at the Institute of Directors, said:
“The Industrial Strategy is an important step towards the development of a positive and coherent plan to drive growth, and will enable businesses to see a sense of direction for the UK economy. For businesses to be able to plan for investment, it is crucial to have a stable policy environment. This whole-of-government approach is encouraging, not least as it draws together new and existing stands of activity into one cohesive strategy.
“We welcome efforts to address the UK’s uncompetitive industrial energy costs alongside other cross-cutting enablers, including access to finance and action to unlock the power of data. The prominent role for place-based policy should help reinforce the stability of policy over time and enhance economic resilience.
“However, as the strategy moves towards implementation, the government will need to address the broader business environment. The tax and regulatory system, employment regulations, overall energy cost competitiveness and the depth of our relationships with global markets are all fundamental to creating the right conditions for investment. We look forward to continuing to work closely with government in the coming months to ensure these welcome words are reinforced in positive actions.”
