Commons Sense

House of Commons · Written Ministerial Statement

The UK’s Modern Industrial Strategy

14 October 2024 · Department for Business and Trade

Proposed by Jonathan Reynolds Lab Co-op Stalybridge and Hyde

Business & Trade

Summarised by AI from the official record, so it can contain mistakes.

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At a glance

Key points

  • Jonathan Reynolds announces the publication of a Green Paper outlining the UK's Modern Industrial Strategy for 2035
  • The government seeks feedback and will consult on corporate re-domiciliation and simplify company law to save businesses 240m annually
  • Legislation to remove redundant reporting requirements is planned by the end of the year

Issue summary

Jonathan Reynolds announces the publication of a Green Paper outlining the UK's Modern Industrial Strategy for 2035, focusing on sustainable and inclusive growth.

Action requested

The government seeks feedback through the Green Paper and will consult on corporate re-domiciliation, simplify company law to save businesses £240m annually, launch an ambitious consultation next year on non-financial reporting, and speed up processes for raising share capital. Legislation to remove redundant reporting requirements is planned by the end of the year.

Key facts

  • The Green Paper was published on 14 October.
  • Eight key growth-driving sectors have been identified: Advanced Manufacturing, Creative Industries, Clean Energy Industries, Defence, Digital and Technologies, Financial Services, Life Sciences, and Professional and Business Services.
  • Legislation will be laid by the end of the year to remove redundant reporting requirements, saving companies £240m per year.
  • The Industrial Strategy and growth driving sector plans will be published in Spring 2025.
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