Industrial strategy: reflections and opportunities.

But a selective interventionist approach from Labour will rely to a degree on picking and backing winners no matter how it is packaged.

Here are some initial thoughts and takeaways from me on the Industrial Strategy green paper:

The big eight sectors

The eight priority growth sectors: advanced manufacturing, clean energy industries, life sciences, defence, digital and technologies, professional and business services, creative industries and financial services, were all well-trailed and there are perhaps no surprises in these.

However, I do question the omission of universities and higher education as a sector. Universities are one of Britain’s most successful industries which are key to growth and of course the development of skills.

In this strategy, universities are a conduit through which economic growth is delivered, not a sector in their own right.

It is good to see the inclusion of creative industries and a recognition of the importance of professional services as key growth drivers.

Place-based industrial strategy is highly sensible

The economy organises itself around places, so the green paper’s proposal to embed the strategy locally through combined authorities is welcome. What’s clear is that metro mayors and combined authorities will be granted further devolved powers to grow sector clusters and deliver Local Growth Plans. However, there are varying levels of organisational maturity across combined authorities so delivery will inevitably be different in many places.

There was a suggestion in the green paper that industrial strategy could influence New Town locations. Planning for housing and strategic employment feels sensible, but it’s also important to recognise that many people work beyond the eight sectors and all will need a home.

Sub-sectors and foundational industries must find their voice

Construction, materials and logistics all underpin the delivery of many parts of this plan and our economy. These sectors are all positioned in the ‘foundational’ bracket but are key to the delivery of the strategy, particularly for infrastructure. These markets also need support to realise their own growth potential.

Business must get involved in the consultation

The best final strategy will have the fingerprints of businesses from across the economy – those in sub-sectors and foundational industries need to respond and make their collective voices heard. They’re integral to delivery and driving wider economic growth too.

I’m looking forward to helping clients shape their responses. If you’d like to talk to me and colleagues across Camargue about your organisation’s response, do get in touch.