Theresa May’s industrial plan falls short, risks mistakes, cautions UK lawmakers

Theresa May

UK’s new commercial strategy, unveiled previously this year to prepare the economy for Brexit, is not having the long-lasting thinking and risks making the same mistakes as before, failed plans, a group of lawmakers stated.

Prime Minister Theresa May revealed a “Modern Industrial Strategy” in January with the goal of increasing Britain’s weak productivity development and stimulating investment in innovation and research and development.

A group of lawmakers from a number of political parties stated in a report released on Friday that the plan did not have a co-ordinated method across government departments and there was insufficient cooperation with the private sector in sectors such as real estate.

The Business, Energy and Industrial Strategy Committee in the lower house of Britain’s parliament also contacted the government to drop its sector-by-sector method, which ran the risk of “a return to the discredited credo of ‘picking winners’.

Instead, country should concentrate on wider policies in areas including assisting industries move far from carbon-intensive power, and address issues in health and social care and transportation facilities, it said.

The announcement of the strategy in January represented a shift by May’s government far from the laissez-faire ideology championed by prime minister Margaret Thatcher and succeeding British leaders.

May has stated Britain prepares to leave not just European Union however also its single market for products and workers, raising the possibility of trade barriers for exporters and a shortage of knowledgeable personnel.

The EEF, a trade body representing British producers, stated the report was right to stress a long-lasting, extensive approach and advised the government to be more ambitious.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.