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Industrial Strategy: More energy intensive firms to be exempt from policy costs?
28 November 2017, 01:26 | Myrtle Vega
Government to launch industry strategy to tackle UK's poor productivity
"The Government has committed to improving the UK's infrastructure, through the expansion of the National Productivity Investment Fund and publication of the Clean Growth Strategy".
Research and Development tax credit: The tax relief for companies which invest in R&D was increased in the Budget.
Laura Cohen, chief executive of the British Ceramic Federation, said the lobby group was "disappointed not to see clearer proposals to benefit United Kingdom competitiveness on energy for ceramics and other energy intensives industries".
Business Secretary Greg Clark said that as people lead "longer, healthier lives" companies had to hire and tailor their "workplaces" to requirements of older workers.
The government also confirmed that it is pressing ahead with a stream of Sector Deals, with Life Sciences included in the first batch. "Placing people, skills, infrastructure, place and ideas at the heart of this strategy is right thing to do to raise living standards across the United Kingdom".
The Industrial Strategy Challenge Fund (ISCF) will invest £725 million in new programmes to "respond to some of the greatest global challenges and the opportunities faced by the UK".
A business leader has welcomed the Government's new white paper Industrial Strategy, the long term vision aimed at making the United Kingdom the world's most innovative nation by 2030 by investing £725m to "transform" industries.
"We support Government's ambition to become the world's most innovative country by 2030 and its commitment to transformative technologies like artificial intelligence".
An Industrial Strategy Challenge Fund will set £725m set aside over the next three years. So where was the much talked about sector deal for offshore wind?
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The strategy "heralds a new approach to how government and business can work together to shape a stronger, fairer economy", Mrs May said in the foreword to the document.
In an announcement that was well-timed ahead of Monday's launch, Merck said it would open a state-of-the-art life sciences research facility in London by 2020, focusing on early bioscience discovery and entrepreneurial innovation.
Caroline Abrahams of Age UK said: "Older generations have been crucial throughout our history". We have a thriving research and science base and are home to a wide range of innovative sectors, from advanced manufacturing and life sciences, to fintech and creative industries.
The US drugmaker intends to create 150 new research roles in London and move around 800 existing United Kingdom jobs to the capital.
The company said it viewed Britain as a world-leader in science, although a spokeswoman said Brexit raised "some very real concerns" for the supply chain, drug regulation and the ability to attract talent to Britain.
Qiagen has struck a partnership with a group of universities, research bodies and NHS Trusts around Manchester to develop DNA research in the City. This could mean around £80 billion of additional investment in advanced technology in the next decade, helping to transform whole sectors, create new industries, and support innovation across the country.
"The Industrial Strategy is an unashamedly ambitious vision for the future of our country, laying out how we tackle our productivity challenge, earn our way in the future, and improve living standards across the country".
The white paper follows extensive engagement by government with industry, academia and business bodies who submitted nearly 2,000 responses to the green paper consultation earlier in 2017. These are: artificial intelligence, clean growth, an aging society and the future of mobility.
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