Region’s leaders welcome government’s new industrial strategy

Business leaders in the region have welcomed the publication of the Government’s new industrial strategy.

Known as Invest 2035, the strategy sets out a 10-year plan aimed at boosting investment, creating skilled jobs and making Britain the best place to do business.

Investment in skills, speeding up of planning decisions, more trade with the EU through a closer relationship and increased support for small and medium-sized businesses (SME’s) are among initiatives revealed in the strategy, which was formally launched last week.

It proposes to boost growth across clean energy, advanced manufacturing, creative industries, clean energy, design and technologies, defence, life sciences, financial services and professional and business services.

It also aims to slash electricity costs for thousands of businesses,

British manufacturers currently pay some of the highest electricity prices in the developed world while businesses looking to expand or modernise have faced delays when it comes to connecting to the grid.

From 2027, the new British Industrial Competitiveness Scheme will reduce electricity costs by up to £40 per megawatt hour for over 7,000 electricity-intensive businesses in manufacturing sectors like automotive, aerospace and chemicals.

The strategy also pledges sectoral investment: £39bn into advanced manufacturing, £30bn into clean energy, £31bn into creative industries and £65bn into professional and business services.

Tufan Erginbilgic, chief executive of Rolls-Royce, which has its civil aerospace and defence divisions in Derby, said: “The UK Government’s Industrial Strategy commitment to support our world-leading aerospace and nuclear industries shows long-term strategic foresight.

“Rolls-Royce’s highly differentiated technologies in gas turbines and nuclear capabilities- including SMRs and AMRs- are uniquely placed to deliver economic growth, skilled jobs and attract investment into the UK.”

The publication of Invest 2035 followed an open consultation process, which included feedback from East Midlands Chamber members.

Richard Blackmore, the chamber’s director of policy and insight, said: “Measures announced in the Industrial Strategy are a welcome blueprint for businesses to build on and, depending on how implemented, could go some way to ease the challenges firms have been facing.

“Getting support so an SME can grow, reducing the reams of paperwork that have made trade complicated since exiting the EU, addressing the skills gap – these all seem progressive steps on paper.

“The detail of exactly how each element is applied is what will really matter and what needs to be scrutinised going forward.”

The East Midlands Combined County Authority (EMCCA) believes the new Industrial Strategy, also referred to as the Modern Industrial Strategy, represents “a turning point in the future of the East Midlands”.

Mayor of the East Midlands, Claire Ward, believes the region is well positioned to capitalise on the opportunities presented by this new strategy.

She said: “The Government’s Modern Industrial Strategy speaks directly to the strengths, ambitions and future of the East Midlands.

“The strategy sets out a bold, ten-year vision to back Britain’s industrial heartlands to drive clean growth, advanced manufacturing, life sciences and the digital revolution.

“For the East Midlands, this means jobs, skills, and global investment. But above all it means that our region, long overlooked, is finally being recognised as the engine of the UK’s future growth.”

A digital copy of the new Industrial Strategy can be found here https://www.gov.uk/government/collections/the-uks-modern-industrial-strategy-2025.