Industrial Strategy Council

Department for Business and Trade written question – answered at on 25 May 2023.

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Photo of Bill Esterson Bill Esterson Shadow Minister (Business and Industrial Strategy)

To ask the Secretary of State for Business and Trade, whether she plans to (a) re-establish and (b) give statutory status to the Industrial Strategy Council.

Photo of Nigel Huddleston Nigel Huddleston Minister of State (Department for Business and Trade)

In March 2021, the Government decided that the Industrial Strategy Council would no longer be needed to monitor the impact of the Industrial Strategy, following its transition to the then Plan for Growth.

Delivering economic growth in key sectors remains a priority. The Chancellor has identified five key growth sectors for the UK: Digital Technology, Green Industries, Life Sciences, Advanced Manufacturing and Creative Industries. The government has announced a £500 million per year package of support for 20,000 research and development (R&D) intensive businesses through changes to R&D tax credits, alongside 12 new investment zones. Earlier this month, the Department for Business and Trade announced regulatory measures that will reduce burdensome red tape and tailor rules to suit the UK economy, potentially saving employers around £1 billion yearly.

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