PM launches new industrial strategy with Cabinet meeting in North West

Theresa May is to take her Cabinet to the birthplace of the industrial revolution to launch a new strategy for British industry for the 21st century.

The Prime Minister and her ministers are meeting in the northwest of England as the Government pledges to boost economic growth that benefits the whole of the UK.

As well as unveiling a new industrial strategy, the Government is also announcing £556m for the Northern Powerhouse to help create jobs, support businesses and encourage growth.

Projects that will benefit include a terminal linking rail, sea and road at Goole, a 21st century conference centre in Blackpool and a new innovation fund for Manchester and Cheshire businesses.

The Cabinet meeting in the North West - where the industrial revolution began with cotton mills, canals and railways - is the first held outside London by Mrs May since she became Prime Minister.

At the heart of the new strategy are deals for individual sectors and investment in research and development to support industries of the future like electric vehicles and biotech and quantum technologies.

"The modern industrial strategy will back Britain for the long term, creating the conditions where successful businesses can emerge and grow, and backing them to invest in the long-term future of our country," she said.

"It will be underpinned by a new approach to government, not just stepping back but stepping up to a new, active role that backs business and ensures more people in all corners of the country share in the benefits of its success."

Business and Energy Secretary Greg Clark added: "This is an important step in building a modern, dynamic industrial strategy that will improve living standards and drive economic growth across the whole country.

"A modern British industrial strategy must build on the UK's strengths and extend excellence into the future, close the gap between the UK's most productive companies, industries, places and people and the rest; and ensure we are one of the most competitive places in the world to start and grow a business.

"We are inviting businesses and workers to contribute to this vision to help us create a high-skilled economy where every place can meet its potential."

The Government announced at the weekend that the industrial strategy will include a training revolution for 16 to 24-year-olds, with £170m in investment in new technical colleges.

In a green paper outlining the new strategy, the Government will also promise to improve living standards and economic growth by increasing productivity and driving growth across the whole country.

To achieve that goal, the Government strategy includes:

:: Investing in science, research and innovation

:: Developing skills

:: Upgrading infrastructure

:: Supporting businesses to start and grow

:: Delivering affordable energy and clean growth

:: Driving growth across the whole country

For Labour, the shadow business secretary Clive Lewis said: "This belated attempt to develop a proper industrial strategy is a step in the right direction, but once again what the Tories are offering looks like too little too late.

"We await further detail, but what's been announced so far will fall far short of getting us back to where we were in 2010, let alone equip our economy for the challenges of the 21st century."

But Carolyn Fairbairn, the CBI director-general, said: "A modern industrial strategy will be a landmark opportunity to build a successful, modern economy as the foundation for a prosperous, fairer and more inclusive society.

"It must help fix the country's productivity problems and remove the regional inequalities that have dogged our country for generations, having a positive impact on living standards, wages and the future opportunities of many people.

"The CBI has long-called for a new Industrial Strategy and it's welcome to see the Government creating an opportunity for all sectors to get involved."