The UK Government has published an open consultation, which invites businesses to share their feedback on its new ‘Invest 2035: The UK’s Modern Industrial Strategy’ green paper.
The green paper will inform the development of the government’s new Industrial Strategy, which is the proposed plan to ease the investor journey and create long-term, inclusive, secure, and sustainable growth in the UK business sector. The final Industrial Strategy will be published in spring 2025, alongside the multi-year Spending Review.
Now the government is asking businesses to share their feedback on this green paper. It is seeking companies’ views on the government’s approach, including evidence, analysis, and policy ideas.
This deadline to respond to the consultation is 11.59pm on 24 November 2024. Respond to consultation via this link.
For BHTA members, the government’s new ‘Invest 2035: The UK’s Modern Industrial Strategy’ green paper is a chance for them to help shape the future of UK business and highlight the importance of the healthtech sector.
Published by Business and Trade Secretary, Jonathan Reynolds, and the Chancellor of the Exchequer, Rachel Reeves, the green paper sets out the government’s vision for a modern Industrial Strategy.
The Industrial Strategy is a 10-year plan that is designed to drive long-term growth in key sectors that is sustainable, resilient, and distributed across the country. It promises to deliver the certainty and stability businesses need to invest in the high-growth sectors that will drive the government’s growth mission.
The strategy’s goal is to capture a greater share of internationally mobile investment in strategic sectors and spur domestic businesses to boost their investment and scale up their growth, which the government states is an essential step in achieving sustainable, inclusive and resilient growth.
The key sectors the government will focus its modern Industrial Strategy on are advanced manufacturing; clean energy industries, creative industries; defence; digital and technologies; financial services; life sciences; and professional and business services.
In the next stage of development of the Industrial strategy, the government will prioritise subsectors within these broad sectors that meet its objectives and where there is evidence that policy can address barriers to growth. Ambitious and targeted sector plans will be designed in partnership with business, devolved governments, regions, experts, and other stakeholders, through bespoke arrangements tailored to each sector.
As BHTA members are at the forefront of the healthtech industry, it is important to respond and shape the next 10 years of industry.