Industrial Strategy created to make Britain the 'world's most innovative nation'

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Clark considered his country to be "well-placed to benefit from this new industrial revolution" and starting "from a position of significant strength". It is essential that the United Kingdom makes the right choices to ensure that we are able to compete with world leading companies in key sectors as we look to the future.

The Strategy outlines the creation of sector deals - long-term partnerships between the Government and industry to boost industry productivity.

£162 million will be invested in innovation for low-carbon industries and in developing a new strategy for the bio-economy with the ultimate goal of making the UK's energy intensive industries competitive in the clean economy.

"They can be seen as new industries in their own right, but they are also transforming business models across many sectors as they deploy vast datasets to identify better ways of doing complex tasks - from helping doctors diagnose medical conditions more effectively to allowing people to communicate across the globe using instantaneous speech recognition and translation software". "Raising digital literacy goes hand in hand with maintaining and building on productivity gains in the industry, that continue to outpace the United Kingdom average, and supports the Government's aspiration of a digital economy that works for all".

Business Secretary Greg Clark said: 'Any serious strategy should address the weaknesses that stop us achieving our potential, as well as our strengths, and this Industrial Strategy does that.

While CMI did welcome the increased funding for apprenticeships that is included in the white paper, Wilton said the government's Industrial Strategy still did not go far enough in linking improved management skills with better productivity.

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The Business Secretary has today announced the plan for UK's Industrial Strategy with a focus on harnessing technological opportunity.

The strategy, which was first announced in the 2017 Spring Budget, will focus on improving the skills of those who work in the public sector, and its launch comes after the government announced that it would be committing to investing £1 billion into its Industrial Strategy Challenge Fund projects.

Sector deals: Partnerships between government, business and government to pursue innovation in life sciences, artificial intelligence, the automotive industry and the construction sectors. "This white paper is a great start".

The strategy says the United Kingdom will take an AI worldwide leadership role by investing £9m in the new Centre for Data Ethics and Innovation announced in the Budget.

Laurie Miles, director of Analytics at SAS UK & Ireland commented: "Finally, the Government has woken up and recognised that getting ahead in the digital economy is vital to Britain's productivity puzzle".

She added: "We are also disappointed that government is unable to take forward, at this stage, our proposals for a ceramic sector deal". "Our research indicates that big data and the Internet of Things can create 182,000 new jobs in these sectors from 2015-2020, and inject £322 billion of additional revenue into the United Kingdom economy". "A system led by offshore wind, smart technology, battery storage and electric vehicles will make that happen". "Only then, will we create an innovative culture effective for driving the United Kingdom forward in this global and competitive market".