In a discussion paper, UK Industrial Strategy: Navigating a changing world, commissioned to inform the development of an industrial strategy fit for the 21st century, the CLG argues that the UK can have a bright future if government and business work together to ensure the country can participate in the industries of tomorrow.
Jill Duggan, Director of the CLG, which brings together 24 leading European businesses, including Unilever, GSK, 3M, Tesco, Sky and EDF said: “The world is changing: new technologies and innovation have the potential to redefine business and industry as we know it. With Brexit, the UK has the chance to reset policy and not be left behind. It is essential that our new industrial strategy is clear, ambitious and targeted enough to deliver a modern, prosperous, inclusive, and zero carbon economy.”
The paper argues that the country faces three major challenges – boosting sluggish economic growth and stagnating productivity; promoting greater regional development; and moving toward a more sustainable economy with lower greenhouse gas emissions.
The paper identifies four trends that the government’s industrial strategy should respond to:
- Growing demand for different types of industrial products, partly as a result of digitalisation.
- The move to a sharing economy where services are sold in lieu of physical objects.
- Changes in the way industrial products are produced, including as a result of increased reuse and recycling.
- Changes to the nature and availability of key inputs, including energy.
Jill Duggan: “The government is about to start a major consultation to define its new industrial strategy. The green paper due out next week should set the path for a strategy which has a clear rationale and stated aim, influence on policies across government, and the political backing to deliver for the long term.”
Under the Climate Change Act, UK industry has to become zero carbon by 2050. A new industrial strategy must therefore create jobs, improve productivity, and boost innovation and regional growth, while also supporting industry to become low carbon and sustainable.
Notes to editors:
Adele Williams, Communications and Media Manager, University of Cambridge Institute for Sustainability Leadership, Adele.Williams@cisl.cam.ac.uk, 01223 768451, 07808 881206
About The Prince of Wales's Corporate Leaders Group
The Prince of Wales's Corporate Leaders Group (CLG) brings together 24 European businesses employing 2 million people worldwide, who work under the patronage of His Royal Highness The Prince of Wales to advocate solutions on climate change to policymakers and business peers within the EU and globally. The University of Cambridge Institute for Sustainability Leadership (CISL) provides the secretariat to the CLG.
Follow the CLG on Twitter @ClimateCLG