Contents
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
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
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
Simple, accessible, understandable and relevant
Pragmatic support, not palliative care
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
The Small Business Research Initiative
Encouraging trade and inward investment
Supporting UK companies to export
Protecting taxpayers’ investment
Affordable energy and clean growth
Devolution and rebalancing in England
Understanding the causes of unbalanced investment
Conclusions and recommendations
Annex: Note of the Committee’s visit to Sweden, 27–29 November 2016
List of Reports from the Business, Innovation and Skills Committee during the current Parliament
1 March 2017