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British businesses set for post-Brexit government boost

  1. iStock_BrianAJackson
    Francois Badenhorst

    Francois Badenhorst Deputy Editor Staff Member

    Posts: 86 Likes: 16
    1 |

    The Supreme Court has overwhelmingly decided that parliament must vote before the process to leave the EU can be triggered.

    The decision has done little to change the government’s robust stance on Brexit, however. Theresa May’s government is forging ahead with its vision of the British economy post-Brexit.

    A new green paper called Building our industrial strategy outlines a ten point plan that the Prime Minister says will “shape a new future for the kind of country we will be when we have left”.

    According to the green paper, Britain’s new industrial strategy will be based on ten pillars:

    • Investing in science, research and innovation
    • Boosting STEM (science, technology, engineering and maths) skills, digital skills and numeracy
    • Upgrading the UK’s digital, energy, transport, water and flood defence infrastructure
    • Increasing access to finance and management skills for companies to invest for the long term
    • Use strategic government procurement to drive innovation and enable the development of UK supply chains
    • Encouraging trade and inward investment
    • Delivering affordable energy and secure the economic benefits of the transition to a low-carbon economy
    • Cultivating world-leading sectors
    • Driving growth across the whole country
    • Creating the right institutions to bring together sectors and places

    Of particular concern to the government is the productivity gap between the UK and competitor countries. Ultimately, these ten pillars aim to make Britain a more self-sufficient, productive economy, according to the plan.

    The report focuses in on the lack of finance available to small business. Currently, the UK ranks third for startups, but 13th for the number of businesses that successfully scale up according to OECD research.

    “We have invested an additional £400m in the British Business Bank to catalyse later stage venture capital investments by the private sector,” reads the green paper. “We have committed to provide £13m of funding for the Productivity Council, over three years.” The Council provides business-to-business advice on, as the name suggests, increasing productivity.

    The government has also committed to a review into entrepreneurship will be led by the Chief Entrepreneurial Adviser at the Department for Business, Energy and Industrial Strategy. “The review will assess the support currently available to entrepreneurs and consider international best practice with the aim of identifying any potential gaps in current policy.”

    Britain’s infrastructure, rated as second lowest among G7 countries, is another area of focus. In particular, digital infrastructure will get a cash boost. The government has earmarked £740m for local full fibre broadband rollout, 5G mobile technology and optical fibre.

    Commenting on the strategy, Secretary of State for Business, Energy and Industrial Strategy Greg Clark said: “Leaving the European Union allows – and requires – us to make long-term decisions about our economic future.

    “While the terms of trade with other economies is important, so is the competitiveness of our own economy. That is why the Government is committed to a modern industrial strategy. Its objective is to improve living standards and economic growth by increasing productivity and driving growth across the whole country.”

    UKBFers can read the full report here.

  2. Ryan Jones

    Ryan Jones UKBF Newcomer Free Member

    Posts: 0 Likes: 3
    Makes you question the whole concept of "democracy". Great post really enjoyed the read.
    Posted: Jan 25, 2017 By: Ryan Jones Member since: Jan 24, 2017
    ChrisGoodfellow likes this.