Britain Unveils Ambitious Industrial Strategy to Transform Economy
The UK government is set to release a 10-year industrial strategy focused on economic growth through investment in priority sectors, job creation, and skills development. This includes over 1.5 billion pounds investment in skills, creative industries, and sport, with further commitments to defense, energy, and infrastructure improvements.
- Country:
- United Kingdom
In a significant move, Britain is expected to publish a comprehensive 10-year industrial strategy aiming to propel economic growth through targeted investments and job creation. The initiative is part of Prime Minister Keir Starmer's "Plan for Change," which emphasizes the overhaul of the skills system and bolstering high-growth sectors.
Business minister Jonathan Reynolds announced an additional 275 million pounds to train thousands in critical roles like engineering and defense, aiming to reduce reliance on foreign labor and secure well-paying jobs for British citizens. Alex Veitch from the British Chambers of Commerce hailed this as a potential catalyst for growth in vital sectors.
The strategy also addresses high energy costs, with calls for government intervention. Finance Minister Rachel Reeves announced over 10 billion pounds for green infrastructure, energy-efficiency upgrades, and low-carbon technology development, while forming a British Industrial Strategy Council to ensure implementation.
(With inputs from agencies.)
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