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UK launches plan for industry as Brexit deal deadline approaches

Staff Writer |
The UK government has launched a new strategy for industry, aiming to intervene in key sectors to tackle weak productivity and bolster businesses to counter any new problems caused by Brexit.

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Prime Minister Theresa May first flagged the plan in January, seven months after Britain voted to leave the European Union.

The government said that it had secured a major investment from global healthcare company MSD ahead of the publication of the strategy.

Life sciences is one of four sectors being targeted by the government, which will also focus on construction, artificial intelligence and the automotive industry.

UK Business Minister Greg Clark said Britain has some of the world's best universities and research institutions, as well as leading companies in sectors ranging from advanced manufacturing to financial services, life sciences and creative industries.

"But any serious strategy should address the weaknesses that stop us achieving our potential, as well as our strengths, and this Industrial Strategy does that," he said.

"Britain's productivity performance has not been good enough and is holding back our earning power as a country," he added.

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