Cable says ad hoc industry planning will end

Business Secretary Vince Cable has set out the government’s vision for the future of British industry, which was developed by looking at where the UK has a competitive advantage now and where it can build on that in the next 20 years.

Speaking at Imperial College, London, Cable said: "Government makes decisions every day that affect the British economy, but has for too long done this in an ad hoc way. Government needs to be more like business, by making strategic plans and sticking to them.

"Our first part of that plan is lifting the barrier that poor access to finance puts on growth. By helping firms to invest capital, businesses expand and create jobs.

"But I am also setting out a clear and ambitious vision, a commitment far beyond the usual political timescale that will continue to bear fruit decades later. It will give our businesses certainty, allow them to make their own plans, and know that the full weight of government is behind them.

Cable set out five key targets:

• The creation of new institutions to help companies invest

• The development of “collaborative but challenging sector strategies” that will help build strategic partnerships

• A continued commitment to the Employer Ownership scheme

• A quickening of “the journey from pure academic research to a commercial product”

• A recognition of the government’s role “as a customer and developing a more intelligent partnership with its own supply chain”

“We will work in a strategic partnership with industry, focusing our support on specific sectors,” Cable explained. “This is our commitment to growth in action."

See PRWs’ blog comment here.

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