New industrial strategy has strong ambitions, but success will depend on consistent delivery – Chamber
The new industrial strategy plan laid out by the Government is a welcome step to the local economy, but business leaders in Greater Birmingham remain cautious over its implementation.
According to the Government, the industrial strategy will “make it easier and simpler for companies to do business, giving them the stability to make long term investments”.
Some of the initiatives for in the 10-year strategy guide include promoting free and fair trade, strengthening economic security, expanding access to finance, enhancing skills and driving innovation.
It also highlights enabling investment through a new £600 million Strategic Sites Accelerator.
Speaking about the strategy, Emily Stubbs, head of policy at Greater Birmingham Chambers of Commerce, said: “The new Industrial Strategy is a welcome step toward building a resilient, competitive economy, with city-regions like Greater Birmingham and the wider West Midlands at its core.
“Businesses across our region need stability, investment and access to skills. This strategy reflects many of the recommendations of the Business Commission West Midlands and aligns closely with the ambitions of the West Midlands Futures Green paper - especially around innovation, skills and sustainable growth.
“Support for energy-intensive industries and greater flexibility in the Growth and Skills Levy are positive moves that respond to real business needs. Improvements to SME finance access are also essential for unlocking local growth.
"Nevertheless, policymakers must not underestimate the critical contribution of place-making sectors such as hospitality and retail in the UK economy, and the importance of supporting such businesses which continue to be impacted by the consecutive economic shocks of recent years.
“Broadly, this strategy sets out some strong ambitions, but its success will depend on consistent delivery. Previous strategies have fallen away without impact, so it’s vital this one is seen through with long-term commitment and accountability."
