Lord Mandelson of Foy

BUILDING BRITAIN'S FUTURE — NEW INDUSTRY, NEW JOBS

A strategic plan to invest in Britain's economic and industrial future was launched by the government today (20 April 2009).

The policy statement ‘Building Britain's Future — New Industry, New Jobs’ identifies key areas where government action can have most impact, investing in growth to speed recovery and building manufacturing and services essential to ensure British people and businesses can compete successfully for the jobs of the future.

Business Secretary Lord Mandelson, speaking at Loughborough University Innovation Centre, said "The world's economy, emerging from the downturn, is set to double in size creating major new opportunities for British business. But global competition is getting tougher and technological change is happening faster. We can't afford to stand back as other countries invest and skill-up to win in high-value markets and sectors.

"To succeed in this hi-tech, low-carbon economy of the future, to drive growth and to secure more high-value jobs in the UK, we need to act. It's not about picking winners or ignoring market signals but removing barriers which hold business back.

"Britain has the skills, resources and knowledge base to do well but the government's job is to do everything it can to strengthen our competitive position further. It's about creating the best possible conditions in which UK businesses can thrive; removing barriers to success and offering targeted support to unlock new potential in existing and new technologies."

Key areas identified for immediate action and reform to win a bigger share of the opportunities ahead are centred on innovation, skills, finance, infrastructure and trade. They include:

• Making sure high-growth, high-innovation firms get the financing they need, including examining urgently whether, and in what form, further intervention could help increase the supply of long-term growth capital to small and medium-sized businesses.
• More support for exporters by enhancing the role of UK Trade and Investment and the Export Credits Guarantee Department.
• More support for turning bright ideas into products that win in the marketplace by building the Technology Strategy Board into a world leader and making sure we maximise economic opportunities from the work of our university researchers.
• Improving our ability to identify the skills needed for future success and making sure the education and training system delivers them.
• Smarter, more joined-up government that understands the importance of creating wealth is better at identifying economic opportunities from the big public challenges facing us (especially moving to a low-carbon world) and uses its buying power to support innovation and skills.
• A coherent strategy for making sure Britain has the modern infrastructure and networks, from energy to broadband, that will be the foundation of future prosperity.
• Concerted action to back businesses in markets and sectors, from pharmaceuticals through aerospace, nuclear to business services, life-sciences to plastic electronics, where Britain has strength and government can make a difference by clearing obstacles or correcting market failure.

Some proposals are new; some are about reforms underway but needing to be given new impetus in response to the scale of current challenges.

Secretary of State for Innovation, Universities and Skills, John Denham, said "To emerge from the recession quickly and strongly we need to maximise the opportunities for the UK economy in areas where we know government action will have a big effect like low-carbon technology, manufacturing, construction and healthcare.

"By making key decisions, buying goods and services and regulating, government shapes and creates future markets, new business opportunities and the demand for skilled jobs. That is why our new activism will focus our skills system, the knowledge in our universities and the way we support research through our record investment in science to meet the demands and opportunities government creates when it acts in other areas of the economy.

"Britain has the skills, resources and knowledge to retain and strengthen its position as a world economic power. The government's job is to do everything it can to enhance these strengths and create new jobs and business for the future."

Biography of Lord Mandelson of Foy

Before Labour came to power, he was author (with Roger Liddle) of The Blair Revolution (1996). More recently, he contributed to the book The City in Europe and the World (2005).