UK launches Industrial Strategy, National Wealth Fund

The UK government has launched its new Industrial Strategy, and National Wealth Fund within days of each other, both of which should support the manufacturing base in the country, including steel, Kallanish notes.

The Industrial Strategy, the first in seven years, will focus on the key sectors of advanced manufacturing; clean energy industries, creative industries; defence; digital and technologies; financial services; life sciences; and professional and business services.

A green paper has also been published, with the government asking businesses to help shape the industrial strategy. The consultation is open until 24 November.

A new supply chain taskforce is being established by the government, which will work to assess where supply chains critical to the UK’s economic security and resilience could be vulnerable to disruption.

Gareth Stace, UK Steel director general, says: “UK Steel welcomes the government announcements, which set the wheels in motion for the Industrial Strategy and National Wealth Fund to deliver for the UK and its manufacturing base, including steel and our wider supply chain.”

“This is a government with a clear vision to drive growth and investment in our industries and a strong commitment to our steel sector,” he adds.

“We look forward to engaging with the government in helping to shape its ambitious Steel Strategy – one that transforms our sector to a fully decarbonised, innovative and competitive industry, that underpins a strong, resilient UK economy and supports well-paid jobs across the country,” Stace concludes.

The UK Infrastructure Bank is to be reconstituted as the National Wealth Fund (NWF) following a policy paper published on 14 October. The NWF will have a broader mandate, extending beyond infrastructure to support delivery of the new industrial strategy, in areas where there is an undersupply in private finance, it says.

At least £5.8 billion ($7.6 billion) of the NWF’s capital will focus on sectors announced in the manifesto: green hydrogen, carbon capture, ports, gigafactories and green steel.

In July, the government said it would spend £2.5 billion on the country’s steel sector.

Carrie Bone UK