Industrial Strategy – statement from the iED

Our Executive Director Nigel Wilcock gives the Institute of Economic Development’s initial reaction to the publication of the UK’s Modern Industrial Strategy.

“Having submitted our response to the Invest 2035 consultation, informed by member views, the Institute of Economic Development (iED) is extremely pleased to see the UK publish a new Industrial Strategy today. This provides a clear line of sight on economic policy that businesses need to plan for the future, especially those in the priority sectors. There is now a need to set out how business engagement and account management can be further professionalised and funded to ensure that policy can be turned into on-the-ground action with businesses at a local level.

“The iED, in representing 1,500 practitioners at the coalface of supporting the execution of Invest 2035, continues to seek direct conversation with the Industrial Strategy Advisory Council and to be consulted on the next steps. We also urge government to further engage with us in pushing forward the asks in our Grow Local, Grow National manifesto. Making economic development a statutory function of local government – and to give it the proper recognition, regulation and resources that means it no longer suffers from the Cinderella service that it has become over the last 15 years of financial restraint in the sector – is a really important part of how we can unlock growth across the country.”