Industrial Strategy is a strong foundation for driving economic growth, says NCUB
The Industrial Strategy, launched today by the government, marks a strong foundation for driving economic growth. Realising the Strategy’s full potential will require careful balancing of public and private investment.
Dr Joe Marshall, chief executive of the National Centre for Universities and Business (NCUB), said: “The new Industrial Strategy is a positive step forward. It is particularly encouraging to see it backed by a statutory council that includes industry voices. This approach strengthens the alignment between the government and business, paving the way for a more collaborative and robust economic future.”
Marshall continued: “While the Strategy is promising, and puts an emphasis on the importance of people and skills in creating a pro-business environment across the UK, now is no time for complacency. Economic growth will depend on public investment that can effectively leverage private investment. With a challenging Budget ahead, it’s essential that this is recognised to ensure sustained progress. NCUB’s recent analysis highlights that public investment in research significantly boosts private investment. Indeed, for every £1 the government spends on research and development (R&D), an additional £3.09 to £4.02 is invested by businesses in UK R&D. We are calling on the government to be mindful of this and to use the Strategy to grow the UK’s status as a leading economic force, driving prosperity and opportunity, by creating an environment that promotes research, innovation, and collaboration.”