7 The future of the higher value-added
economy
128. There is consensus within the United Kingdom
about the need to develop a higher value-added economy. We have
heard from many people that the development of the higher value-added
economy is critical for the future of the UK economy and we add
our voice to those already encouraging the Government to help
promote it. The United Kingdom already has a strong university
sector, world-class businesses and world-class services on which
to build.
129. There is still, however, much to be done
to secure the future of the higher value-added economy. The Committee
believes strongly that the culture of the United Kingdom's society
and those acting in the United Kingdom's economy must change.
We are good at analysing our failures: we must also acknowledge
our successes. People need to know the United Kingdom has a high-technology
manufacturing industry which will reward their skills, and there
is more to innovative and knowledge-driven services than the financial
sector, important though this is. They need encouragement to form
the networks that let innovation thrive. There needs to be an
acceptance that sensible risk-taking is a necessary condition
of an innovative and enterprising economy.
130. As we have outlined in this Report, we also
believe that the Government
needs to take a leading role in being prepared to experiment,
to take more risks, to spread best practice, and to monitor and
fund initiatives that are shown to work well. It must also be
prepared to put in place a policy framework which supports successful
industry, as well as encouraging new businesses to begin. We acknowledge,
however, that this is a difficult task. We believe that the Government
is saying many of the right things; it now needs to make sure
its many policy documents are translated into action.
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