LONDON (Reuters) – Britain is expected to release a 10-year heavy industrial strategy next week to support priority sectors, create jobs and drive long-term economic growth.
Prime Minister Keir Starmer's administration has been working on the blueprint for the next decade as part of its broader “change plan”, in which it attempts to reform the country's skills system, support innovation and introduce new investment into high-growth areas.
So far, the UK has pledged to support skills development, creative industries and sports through a range of targeted government funds, which will deliver more than £1.5 billion ($2 billion).
Commerce Minister Jonathan Reynolds announced £275 million on Sunday to support training thousands of roles such as engineering and defence roles, for example, the strategy will “support through investment in the British people”.
“This will help change our skills system to end the over-reliance on foreign labor and ensure that UK workers can get a good salary job in tomorrow’s industry.”
Alex Veitch, policy director of the British Chamber of Commerce, welcomed Reynolds' commitment.
“The additional cash investment in training in key sectors such as defense and engineering has the potential to be a real springboard for growth,” Veitch said.
The government has previously said it will fundamentally change its defense approach to deal with the threat of Russia, nuclear risks and cyber attacks.
In February, Starmer promised that Britain's defense spending had continued to grow the most since the end of the Cold War, in response to U.S. President Donald Trump's insistence that Europe assumed more responsibility for its own security.
Other Commitments
The government has also promised to provide a 380 million pound increase to the creative industry, from movies to video games, as well as more than 900 million pounds in large-scale sports events and upgrade grassroots facilities.
But business groups say high energy costs still pose a serious threat to the UK industry and urged ministers to take action.
The Manufacturing Association's June report said the UK warned that the UK's energy-intensive sector could decline over the long term without government intervention. It calls for measures such as network cost reforms, targeted relief plans and more predictable energy pricing.
Finance Minister Rachel Reeves acknowledged these pressures in a June 12 spending review that developed a departmental budget and outlined more than £10bn of investment in green infrastructure and industrial decarbonization.
