The UK needs to remove barriers to high-growth, high-innovation industries, according to the Government’s latest policy statement on “Building Britain’s Future – New Industry, New Jobs.”

The plan, launched by the Department for Business, Enterprise and Regulatory Reform, identifies the key areas where Government can have the greatest impact to fuel economic recovery and ensure healthy growth for British businesses.

“The world’s economy, emerging from the downturn, is set to double in size creating major new opportunities for British business,” said Business Secretary Lord Mandelson, who was speaking at the Loughborough University Innovation Centre. “But global competition is getting tougher and technological change is happening faster. We can’t afford to stand back as other countries invest and skill-up to win in high-value markets and sectors.”

He continued, “To succeed in this high-tech, low carbon economy of the future, to drive growth and to secure more high-value jobs in the UK, we need to act. It’s not about picking winners or ignoring market signals but removing barriers which hold business back.”

The key strategies outlined by the plan include:

• Ensuring that high-growth, high-innovation firms can obtain the financing they need;
• Improving support for exporters through the UK Trade and Investment and the Export Credits Guarantee Department;
• Building the Technology Strategy Board and maximising opportunities from university research to help bright ideas become winning products in the marketplace;
• Improved skills identification, education and training;
• Smarter Government that uses its buying power to support innovation;
• A coherent and modern infrastructure and networks programme; and
• Concerted action to back business growth by clearing obstacles or correcting market failures.

Tags: economy