KPMG’s response to the UK Government’s Green Paper on the UK’s Industrial Strategy is anchored in the insights we gain working in a fast-moving and rapidly changing business environment.
KPMG's response to the Government’s Green Paper on the UK’s Industrial Strategy, issued by the Department for Business, Energy and Industrial Strategy in January 2017, is anchored in our insights. These are shaped every day from working with our clients and partners in a fast-moving and rapidly changing global business environment.
The Green Paper is wide-ranging, covering ten separate ‘pillars’ designed to drive growth and productivity across the country. To have a strategy where growth is underpinned by a convergence of enabling ‘pillars’ around place and sector, such as skills or infrastructure, is a sound approach. However there are a number of broad themes to consider, which we outline in our full response and in its executive summary.
The context in which we work across the UK, and in which the Industrial Strategy must be built, is one of enormous change. It is hard to conceive a sector or area of life that is not feeling the impact of the ‘Fourth Industrial Revolution’. This provides the backdrop to the UK’s need for an Industrial Strategy.
No strategy can work without addressing how the UK fits into this rapidly evolving new world. Equally, it needs to take account of the macro-economics of globalisation. And, of course, Brexit.
The role for Government in today’s fast moving times is to create stable platforms and partnerships, and enable businesses to innovate and prosper in a collaborative environment, confident in a strong commitment from policy-makers. The Government’s Industrial Strategy has the potential to be the sails - harnessing momentum - and the rudder - setting the direction - for the British economy as we set off into rough waters.
But the private sector too must play its part if the Industrial Strategy is to succeed. Business has a critical role to play in building our economic future and this goes beyond being simply the engines of productivity. Business can help policy-makers manage the social impact of the seismic changes we are living through by operating responsibly, offering inclusive opportunities for workforces, embracing technology for innovation, and working collaboratively with Government bodies to drive growth. The Industrial Strategy must ensure the whole country prospers and no-one is left behind.
Great Britain is geographically small, but huge in terms of talent, innovation and potential. As Britain leaves the EU, opportunities and threats will emerge which will test our ingenuity and adaptiveness. At KPMG we remain confident that the British people are more than capable of meeting the challenges ahead.
Brexit: A catalyst for businesses to reset their futures.