Government Sets Out Industrial Vision

The Government has published a new Modern Industrial Strategy setting out its long-term vision for securing economic growth, increasing productivity, and fostering investment across priority sectors and regions of the UK. The strategy follows extensive engagement through the Invest 2035 consultation and outlines a ten-year plan underpinned by stability, business partnership, and place-based investment.

The strategy focuses on eight high-growth sectors (the “IS-8”) including advanced manufacturing, clean energy, digital technologies, life sciences, and creative industries. Government support will centre on easing the path for private investment, strengthening supply chains, and aligning public funding and regulatory reform with national economic goals.

Key commitments include:

• Reducing industrial electricity costs and accelerating grid connections to support UK manufacturing and clean energy growth.
• Establishing local investment zones, strategic site accelerators, and new innovation funding to support regional economic clusters.
• Streamlining planning and procurement, and enhancing the role of the public sector in de-risking private investment.
• Boosting access to finance through the British Business Bank, National Wealth Fund, and new UK Export Finance legislation.
• Enhancing international trade partnerships, including with the US, EU, Japan, and Global South markets, and launching the UK’s first Industrial Strategy Partnerships.
• Backing the net zero transition as an economic driver through clean tech investment and international cooperation via the Global Clean Power Alliance.

The strategy also includes plans for a new Supply Chain Centre, reforms to business regulation, and targeted support for foundational industries such as steel, ceramics, ports, and construction.

The full Industrial Strategy and related Sector Plans are available here

Member Insight: The Institute of Economic Development Responds

Having submitted our response to the Invest 2035 consultation, informed by member views, the Institute of Economic Development (iED) is extremely pleased to see the UK publish a new Industrial Strategy today. This provides a clear line of sight on economic policy that businesses need to plan for the future, especially those in the priority sectors. There is now a need to set out how business engagement and account management can be further professionalised and funded to ensure that policy can be turned into on-the-ground action with businesses at a local level.

The iED, in representing 1,500 practitioners at the coalface of supporting the execution of Invest 2035, continues to seek direct conversation with the Industrial Strategy Advisory Council and to be consulted on the next steps. We also urge government to further engage with us in pushing forward the asks in our Grow Local, Grow National manifesto. Making economic development a statutory function of local government – and to give it the proper recognition, regulation and resources that means it no longer suffers from the Cinderella service that it has become over the last 15 years of financial restraint in the sector – is a really important part of how we can unlock growth across the country.

— Nigel Wilcock, Executive Director, Institute of Economic Development

Tell Us What You Think

What are your thoughts on the Industrial Strategy and how it could support growth in your area? RSN members are encouraged to share their views and responses with us to help ensure rural voices are reflected in national policy conversations.