Industrial strategy required to ‘focus on innovation’, says IoD

July 19, 2023

The Institute of Directors (IoD) has urged the government to create an industrial strategy to help ‘define specific long-term priorities for the UK economy’.

In its latest survey, an overwhelming majority of IoD members (88%) favoured the development of a meaningful industrial strategy aimed at defining specific long-term priorities for the UK economy. Less than 10% of members felt that UK economic development should be left entirely to market forces.

The debate over industrial strategy takes place at a time when the UK’s major competitors are pursuing unprecedented measures aimed at stimulating strategic sectors and industries. These include the Inflation Reduction and CHIPS Acts in the United States and the EU’s proposed Net Zero Industry Act.

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