Recycling wins a place in Industrial Strategy

Recycling wins a place in Industrial Strategy

Recycling wins a place in Industrial Strategy

Each foundation is supported by a range of policies created to provide businesses with certainty and reassurance that the United Kingdom will continue to have a competitive edge, such as raising total R&D investment to 2.4 percent of GDP by 2027; increasing the rate of R&D tax credit to 12 percent; and investing £725 million in new Industrial Strategy Challenge Fund programmes, "to capture the value of innovation".

With the aim of making the United Kingdom the "world's most innovative nation by 2030", the government has committed to investing a further GBP725m over the next 3 years in the Industrial Strategy Challenge Fund (ISCF).

Other sector specific deals are due to be unveiled in Artificial Intelligence, the automotive and construction industries in the coming weeks. The strategy will help these sectors grow and equip businesses for future opportunities, backed by private sector co-investment. For the industry, the deal will "drive investment in the UK's world-leading research infrastructure and boost productivity in the sector", it said.

Last week, Britain's budget forecasters slashed their estimates for the UK's growth over the next five years, citing reduced projections for productivity and Brexit headwinds.

In the strategy, the government identifies four Grand Challenges; global trends that will shape our rapidly changing future and which the United Kingdom must embrace and lead to ensure we harness all the economic and social opportunities they bring. One of the strategy's "Grand Challenges" surrounds the use and harnessing of artificial intelligence (AI), and the paper notes that one application of AI could be to enable more efficient use of resources: 'For example, intelligent algorithms applied to data on atmospheric conditions and soil moisture could dramatically reduce the amount of water needed for agriculture'.

The industrial strategy follows hot on the heels of the clean growth strategy (CGS), launched in October. "Knowing what material is where will help open up innovative possibilities and will also help us tackle the scourge of waste crime".

The government has identified four "Grand Challenges" - global trends that will shape a rapidly changing future and which the "UK must embrace to ensure we harness all the opportunities they bring".

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Clarke added: "The way we earn and live our lives as workers, citizens and consumers is being transformed by new technologies".

Business Finance analyst Carl D'Ammassa, at investment bank Aldermore, said: "It is early days for the Government's new Industrial Strategy, however it appears that the lofty ambitions for the Strategy are yet to translate into awareness. We have a thriving research and science base and are home to a wide range of innovative sectors, from advanced manufacturing and life sciences, to fintech and creative industries", he said.

Terry Scuoler, Chief Executive of EEF, the manufacturers' organisation, said: "The introduction of a new industrial strategy is key to supporting efforts to improve productivity and invest in not just current industries, but those of the future which are set to radically change the ways in which people live and work".

The Government's industrial strategy has included a pledge to set up a "regenerative circular economy", as the Environmental Services Association (ESA) says it is negotiating a sector deal with the Department for Business, Energy and Industrial Strategy (Beis).

Mr Clark said the new industrial strategy would strengthen infrastructure and the business environment in an effort to improve productivity.

Regarding sustainable financing, the new Industrial Strategy provisions the establishment of a new Green Finance Taskforce, which along with the British Standards Institution and the City of London's Green Finance Initiative will work towards developing the world's first green financial management standards. And there are those that believe it is still not enough to plug the digital skills gap facing industries across the country. "It will make the sector more dynamic and make it easier for new, high quality providers to offer higher education".

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