31
The Government should clarify whether a new structure will replace Local Industrial Strategies, or what...
Recommendation
The Government should clarify whether a new structure will replace Local Industrial Strategies, or what form local growth plans will take in future. This would help to ensure a strategic approach can be taken to distributing funding through levelling up and community investment programmes including the Shared Prosperity Fund. Local growth plans should serve as a focal point for future strategic conversations about industrial policy—both at a local level, and between local and national government.
Paragraph Reference
115
Government Response
Acknowledged
Government Response
Acknowledged
HM Government
Acknowledged
32. The Government’s approach to sectoral policy draws on the academic consensus that identifies economy-wide horizontal interventions – on regulation, research, skills, infrastructure, business environment and innovation – as the bedrock of effective economic strategy, allowing the market to find and grow the highest potential industries. However, there is further evidence that highlights the benefits of sector-focused interventions to complement these cross-economy wide tailored horizontal interventions. The Plan for Growth adopts this balance of both horizontal and vertical policies.
Source
Committee
Business and Trade Committee
Report
First Report - Post-pandemic economic growth: Industrial policy in the UK
28 Jun 2021
HC 385
Addressee Bodies
Department for Business and Trade
Timeline
Recommendation age
4.9 yrs
Report published
28 Jun 2021