Industrial White Paper Paper is a milestone for UK government
Nicola Rigby of GVA comments on what the Industrial White Paper means for the UK real estate sector…
The release of the Industrial White Paper is an important milestone for the Government. In a post-Brexit world, a coherent economic strategy is going to form a critical part of our toolkit to attract investment and growth in the UK economy.
There will inevitably be criticism of the Paper and what it does not do, but, one thing it does do clearly is to provide some clear guidance as to what investment is best directed where, both for the public and private sector. The private sector can choose where it invests – and this choice is global. The UK needs to articulate its competitive advantage, and ultimately create confidence in how investments can grow over time.
This is an economic strategy that finally starts to identify specific areas of competitive advantage across the country, driven by sub-regional research specialisms and looking to foster and cluster growth in these hubs. In doing this, the Government has recognised that we do not need a strategy that spreads this advantage too thinly across the country. Knowing what we know about the northern economy, this aligns with the Government’s strategy around devolution, and, if supported by infrastructure investment, will progress significantly the overarching ambition to address productivity challenges in the regions outside of London and the South East. This is a strategy to be developed and built upon, but GVA welcomes the recognition of the role and function of different places in driving our future economic growth and increased prosperity.