Going for Growth: Our Future Prosperity sets out for the first time a coherent cross-government approach for supporting sustainable economic growth. It builds on BIS’s New Industry, New Jobs strategy, launched in April 2009. Here you can see the strong progress we’ve made delivering against that strategy to drive growth.
Some of the concepts behind New Industry, New Jobs were first outlined by the Secretary of State in two speeches, the Hugo Young Lecture and the RSA Lecture, when he spoke about “a new industrial activism”.
£750 million strategic investment fund announced in the Budget for New Industry, New Jobs, including £250 million to invest in low carbon business opportunities and innovation, and £50 million for the Technology Strategy Board.
Export Credit Guarantee Department consultation launched on a new proposal to offer a scheme to support UK exporters by confirming letters of credit.
Response to the Review and Refresh of Bioscience 2015 Report published, with a range of actions on bioscience aimed at ensuring Britain remains a world leader in the sector.
Response to the Industrial Biotechnology, Innovation & Growth Team report, which aims to maximise UK opportunities from industrial biotechnology in a low carbon economy.
Department for Business, Innovation and Skills created as a direct result of New Industry, New Jobs.
Digital Britain strategy published, setting out the importance of the digital economy to the nation’s economic future, and how it will drive future industrial capability and competitiveness.
Growth Capital (Rowlands) Review launched to consider whether and in what form further intervention could help increase the supply of long term growth capital to small and medium sized businesses.
UK Innovation Investment Fund launched to invest in technology-based businesses with high growth potential. Government will invest £150 million which could build a fund of up to £1 billion over the next 10 years.
Building Britain’s Future launched which is about investing for the recovery, making Britain a fairer, stronger and more prosperous society in the future. It reiterates the commitment to a new, more active industrial policy to drive growth and create the high value jobs of the future. Go to the website
Life Sciences Blueprint published by the Office for Life Sciences, setting out plans to transform the UK environment for life sciences companies and ensure faster patient access to cutting-edge medicines and technologies.
Low Carbon Industrial Strategy published setting out the action the Government is taking to ensure that British businesses and workers are equipped to maximise the economic opportunities and minimise the costs of the transition to a low carbon economy.
Advanced Manufacturing Strategy published outlining a significant package of measures to help UK manufacturers seize the opportunities provided by emerging technologies. Investment totalling over £150 million, including £45 million for Rolls-Royce to invest in low carbon aircraft engine technology.
Read the report
Go to the website
£340 million investment in next generation aircraft announced demonstrating commitment to the advanced manufacturing sector. The Government has agreed to support Airbus with up to £340 million in repayable launch investment for the development of the A350 XWB.
Technology firms benefit from a Government-backed fund providing vital investment to innovative small businesses.
Thousands of new opportunities made available to companies, as every small business in the UK is given free access to Government contracts through www.supply2.gov.uk.
Jobs of the Future published outlining where, as a result of expected growth and emerging global trends, new jobs could be created by businesses in the UK economy. There are expected to be more jobs in knowledge-intensive industries with high-growth potential, like those identified in New Industry, New Jobs.
Successful scrappage scheme boosted with £100 million to fund an extra 100,000 vehicles.
Report on what the Government is doing to support the UK automotive industry published.
Low carbon review of the construction industry launched to ensure it is fit to deliver a low carbon future.
Low carbon vehicle and marine energy industry benefit from a new placement scheme that encourages more graduates to enter the sector.
The UK Strategic Investment Fund – Interim Report (PDF, 490KB) published, detailing how, in the six months since its creation, the Strategic Investment Fund has committed to investments in a range of emerging industrial strengths in Britain, including low carbon vehicles, wind and wave power and renewable chemicals.
£40 million funding announced to build a new manufacturing technology centre that will help Britain’s manufacturing sector take advantage of new low carbon and high-tech opportunities.
Plans for an unique £37 million bioscience campus in Hertfordshire that will specialise in drug development announced.
Investment totalling £22 million to further advance the development of lightweight, super strength ‘composite’ materials announced. Read the Composites strategy.
Independent review published into the availability of growth capital to small and medium-sized businesses. Government announces its intention to develop a proposal for a new growth fund to provide finance for companies looking to invest and grow. Read the report.
Skills for Growth – The National Skills Strategy published, setting out an ambitious vision for giving people and businesses the skills they need to help drive economic growth. Read Skills for Growth.
Government sets out how it will invest in the skills critical to the recovery and long term success of the UK economy with the Skills Investment Strategy 2010-11.
Higher Ambition – The future of universities in a knowledge economy published, setting out the important role universities will play in securing the country’s economic recovery and long term prosperity, is unveiled. Read Higher Ambitions.
Reports shows businesses are saving nearly £3 billion a year due to the Government’s simplification programme, which aims to get rid of unnecessary paperwork.
Partnerships for Growth – A National Framework for Regional and Local Economic Development published, setting out a new role for Regional Development Agencies and local authorities to back growing industries and support Britain’s future economic success. Read Partnerships for Growth.
Government’s cornerstone investment of £150 million in the UK Innovation Investment Fund leverages additional £175 million from investors to invest in innovative British businesses in key growth sectors of life sciences, clean technology, digital and advanced manufacturing.
Prime Minister and Business Secretary visit London Gateway port site as construction gets underway. UK Trade & Investment and other Government departments worked closely with DP World over a number of years to make the project possible.
Going for Growth: Our Future Prosperity (PDF, 2MB) published, setting out our plans for sustaining recovery and achieving tomorrow’s prosperity through:
- Supporting enterprise and entrepreneurial energy;
- Fostering knowledge creation and its application as innovation;
- Helping people develop the skills and capabilities to reach their personal and economic potential;
- Investing in the infrastructure required to support a modern economy;
- Ensuring open and competitive markets allowing business to grow;
- Building on our industrial strengths in sectors where we have particular expertise and investing to foster new comparative advantages;
- Ensuring a strategic role for Government in markets that allows us as a nation to capitalise on new opportunities.
Rural communities and hard to reach areas who do not have access to next generation broadband benefit from the announcement of a share of £1 billion of Government investment.