The Government’s Industrial Strategy has set out a long term approach to boost the UK’s productivity growth and ensure that we’re building an economy fit for the future. The White Paper has set out a range of measures aimed at increasing investment from the private and public sector, which will both be vital in meeting the objective of increasing our productivity and earning power for people across the UK. This includes a commitment to increase total R&D investment to 2.4% of GDP by 2027.
The EU will remain a major trading partner for us. Throughout our negotiations, we are constantly attentive to the voice of business. They have asked for an implementation period and we are close to securing it.
We remain committed to making the UK the best place in Europe to own and grow a manufacturing business by cutting business taxes, slashing red tape and investing in new scientific infrastructure on a record scale. Through our Industrial Strategy, we will make sure that we are using all the tools we have to stimulate growth in places such as the North East. That means using our record investments in infrastructure to unlock growth in every part of the country; using the major new investment in research to support innovative manufacturing businesses across the country; and encouraging inward investment into the parts of the country where we need to get growth going faster.
The North East LEP Growth Deal supported by £379.6 million of funding is will with an estimated will provide 8,000 new jobs. The Growth Deal includes funding for the International Advanced Manufacturing Park (IAMP) providing a world-class environment for high-tech industries and advanced manufacturing businesses. Sunderland Council estimates that it will bring £300 million of private sector investment into the region, helping support and grow the manufacturing sector in the North East.