Industrial Strategy: First Review Contents


Terms of Referemce


1 Introduction

Our inquiry

Interaction with other inquiries

2 A new vision for our economy

The rationale for a new vision for our economy

Our economy does not currently work for everyone

Headline economic success masks significant weaknesses

Global economic change

Setting a new direction

The role of industrial strategy

What does having an industrial strategy mean in practice?

3 Principles for an effective industrial strategy

Clear objectives measured against meaningful metrics

Ensuring objectives are coherent and aligned with goals

Meaningful metrics are necessary to assess progress

A ‘mission-based approach’ underpinned by strong horizontal policies

The need for strong horizontal policies

Sector-based interventions

Early sectoral deals

Mission-based interventions

A genuinely whole of Government approach

Designing strategic interventions

Industrial strategy and Brexit

Building support for a long-term strategy

The challenge of adversarial relationships

Engaging across industry

Simple, accessible, understandable and relevant

Pragmatic support, not palliative care

4 Horizontal policy pillars

Science and innovation

The tax environment for R&D

Embracing disruption


Setting skills priorities at a local level

Skills and freedom of movement


The role of the National Infrastructure Commission

Supporting businesses to start and grow

Improving management skills in business

Creating the right incentives for long-term investment

Business rates

Public procurement

The Small Business Research Initiative

Encouraging trade and inward investment

Supporting UK companies to export

Inward investment

Protecting taxpayers’ investment

Affordable energy and clean growth

5 Rebalancing our economy

Geographical rebalancing

Devolution and rebalancing in England

The challenge of coordination

Understanding the causes of unbalanced investment

Devolution and fiscal policy

Broadening our economic base

Conclusions and recommendations

Annex: Note of the Committee’s visit to Sweden, 27–29 November 2016

Formal Minutes


Published written evidence

List of Reports from the Business, Innovation and Skills Committee during the current Parliament

List of Reports from the Business, Energy and Industrial Strategy Committee during the current Parliament

1 March 2017