May is looking to ultimately, develop new technologies across the country and make it easier for companies to do business in the UK.
Central to the strategy will be spending and development of digital industries like broadband and 5G mobile technology, reports The Telegraph. [UK to invest billions in infrastructure including smart meters]
The Telegraph adds that a £4.7billion fund to pay for research and development into smart energy technologies, robotics, artificial intelligence and 5G mobile network technology is a bigger increase that in any Parliament since 1979, Downing Street said.
The Prime Minister will also announce a £556 million boost for the so-called “northern powerhouse”.
The Prime Minister was reported saying: “The modern industrial strategy will back Britain for the long term: creating the conditions where successful businesses can emerge and grow, and backing them to invest in the long-term future of our country.
“It will be underpinned by a new approach to government, not just stepping back but stepping up to a new, active role that backs business and ensures more people in all corners of the country share in the benefits of its success.”
Industry leaders are carrying out work on early sector deals in life sciences, the transition to ultra-low emission vehicles, industrial digitalisation, creative industries and improving competitiveness and skills in the nuclear industry.
May’s rollout plan
Greg Clark, the secretary of state for Business, Energy and Industrial Strategy, said: “This is an important step in building a modern, dynamic industrial strategy that will improve living standards and drive economic growth across the whole country, “A modern British industrial strategy must build on the UK’s strengths and extend excellence into the future; close the gap between the the UK’s most productive companies, industries, places and people and the rest; and ensure we are one of the most competitive places in the world to start and grow a business.
“We are inviting businesses and workers to contribute to this vision to help us create a high-skilled economy where every place can meet its potential.” [Analysis: status of and challenges affecting the UK smart meter rollout]
Adam Marshall, director general, British Chambers of Commerce added: “The developing Industrial Strategy represents a crucial first milestone in a renewed partnership between business and government, working together to create the conditions for future growth.
“Business communities across the UK will be pleased to see that harnessing the potential of our cities, towns and counties lies at the heart of the government’s approach to Industrial Strategy. There are dynamic business communities in every corner of the UK – and it is their future success that will make our country more competitive and more prosperous.