Government announces strategic business plan

The government has set out plans for extra investment in the UK’s business and industrial future.

A policy statement, entitled ‘Building Britain’s Future - New Industry, New Jobs, identified key areas where government action can have most impact.

Specific measures include making sure high growth, high innovation firms get the financing they need and how best to help increase the supply of long term growth capital to small and medium sized businesses.

More support is to be given to exporters by strengthening the role of UK Trade and Investment and the Export Credits Guarantee Department.

The Technology Strategy Board is to undergo improvements so that it can provide entrepreneurs with more help when it comes to turning bright ideas into products.

Also in the document were plans for sharpening the government’s ability to identify the skills needed for the future and making sure the education and training system delivers them.

Speaking at Loughborough University Innovation Centre, Lord Mandelson, the Business Secretary, said: “The world’s economy, emerging from the downturn, is set to double in size creating major new opportunities for British business. 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.”

The Minister added: “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.”