Industrial Strategy 2023-03-23
2023-03-23
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
The MP inquired about the lack of a recent industrial strategy document and its potential impact on economic growth and job creation.
If she will take steps to publish a new industrial strategy. The Prime Minister has made it clear that growing the economy and creating better-paid jobs is one of our top priorities, and I am concerned about the absence of a published industrial strategy since 2017.
The Prime Minister has made it clear that growing the economy and creating better-paid jobs is one of our top priorities, and the Government are working with industry across the UK to achieve that. We have set out clear plans for prioritising technology sectors, advanced manufacturing, financial services and creative industries, and this includes our investor road maps. In particular, the Chancellor has announced 12 investment zones across the UK, which could benefit from £80 million of interventions over the next five years.
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Assessment & feedback
Did not directly address publishing a new industrial strategy document but outlined existing initiatives.
Under Review
Working With Industry
Response accuracy
Q2
Partial Answer
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Context
The UK's level of business investment is now the lowest in the G7, and there has not been a published industrial strategy since 2017.
The Government have not published an industrial strategy since 2017 and, as a result, the UK now has the lowest level of business investment in the G7. So what is the Minister's plan to encourage business investment in the UK? Do they intend to publish an industrial strategy?
I think the hon. Lady has misunderstood exactly what we are doing. We have industrial strategies, be it for the automotive sector, the aviation sector, the maritime sector, or science and tech—that one was published just yesterday. This is not just about publishing strategies; it is also about delivering, which is what we are cracking on with and doing. As for UK investment, we are the leading country for start-up capital outside the United States, and just a few weeks ago we attracted £20 billion into tech—this is twice as much as France and Germany.
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Assessment & feedback
Did not directly state plans to publish an industrial strategy but discussed various sector-specific strategies.
Under Review
We Are Delivering
Response accuracy
Q3
Partial Answer
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Context
The EU and US are investing billions in accelerating their transition to net zero, but Britain lacks a robust green industrial strategy.
While the EU and the US are investing billions in accelerating their transition to net zero, including through the Inflation Reduction Act, the lack of a robust green industrial strategy in Britain is leaving us stranded at the back of the pack. Does the Minister share my frustration that the Chancellor's Budget did so little to set out a convincing strategy for green growth? Do the Government intend to make the public wait for Labour to win the next general election before a world-leading green industrial strategy that drives private investment in green industries and establishes the UK as a clean energy superpower is brought before this House?
I am sorry to dampen the hon. Gentleman's ambitions about winning the next general election, but we do indeed have a strategy to deal with decarbonising our economy. We are supporting research and development to help decrease our reliance on gas and electricity and deal with long-term energy security: we have £380 million for the offshore wind sector, £385 million for nuclear R&D, and £120 million for future nuclear enabling. We have a green industrial strategy and we are keen to ensure that we deliver it right across the country, for all of our communities.
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Assessment & feedback
Did not directly address the timing or ambition level of the green industrial strategy but acknowledged its existence.
Working With Communities
Delivering
Response accuracy
Q4
Partial Answer
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Context
The UK is the only G20 country in which steel production is falling, and there are concerns about the future of this strategically important sector.
People in Scunthorpe, Rotherham and Port Talbot know how important steel is for their communities. We Labour Members understand how important it is, for communities and for the green transition. The UK is the only G20 country in which steel production is falling, but when asked about the survival of this strategically important sector, the Business Secretary said: “Nothing is ever a given.” Is that because the British steel industry is not safe in her hands?
I do not know where the hon. Member got that quote from, but the British steel industry is very safe in our hands. Let me explain why. There has been over £800 million of support for energy costs, and over £1.5 billion to support competitive funds to ensure that the sector can decarbonise. We have done a huge amount of work with our steel sector. Colleagues from across the House will agree that in every meeting, whether it is with the unions or the sector, we are on the side of the steel sector and steelworkers, including when challenging commercial decisions are taken.
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Assessment & feedback
Did not directly address the Business Secretary's quote but provided financial support details for the steel industry.
Under Review
Working With Unions
Response accuracy