The UK Government recently published its draft Industrial Strategy, ‘Invest 2035’, in line with the International Investment Summit.
The draft Strategy sets out a comprehensive 10- year plan aimed at creating long-term, inclusive, secure, and sustainable growth through investment across eight key sectors. These sectors are deemed crucial for the nation’s economic growth: professional services, financial services, creative industries, advanced manufacturing, defence, technology, life sciences and clean energy.
The plan is a key pillar of the Government’s wider mission to make the UK the fastest growing economy in the G7. At the Investment Summit, it was announced that nearly 38,000 UK jobs are set to be created across the UK after a total of £63 billion of investment.
But does the Strategy go far enough to ensure that the ‘long-term growth’ outlined is really future proof?
Adrian Ah-Chin-Kow, Global Commercial Director at Escode, gave his thoughts: "The government’s announcement to scrap red tape and boost investment in the UK will stimulate growth across multiple sectors. But while attracting capital is undoubtedly important, ensuring investments are safeguarded from risk is crucial.
“The high-growth sectors outlined in the new Industrial Strategy will undoubtedly face some risk, from supply chain disruptions to digital threats. Ensuring operational resilience will protect and future proof investments to foster long-term confidence among investors. This will be the key to reinforcing the UK’s position as a secure and attractive investment destination.
“Implementing safeguards like software escrow can ensure that even if a key provider encounters difficulties, businesses can maintain access to essential technology and data, allowing operations to continue smoothly.”
Following a public consultation, the final industrial strategy will be published in spring 2025, alongside the multi-year Spending Review. Now is the time for the Government to consider operational resilience as part of its plans to attract and retain investment.
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