Last week, UK Prime Minister Theresa May unveiled a modern Industrial Strategy proposal to help build on the country’s strengths and take on its weaknesses. Prime Minister May explained:
“The modern Industrial Strategy will back Britain for the long-term: creating the conditions where successful businesses can emerge and grow, and backing them to invest in the long-term future of our country. It will be underpinned by a new approach to government, not just stepping back but stepping up to a new, active role that backs business and ensures more people in all corners of the country share in the benefits of its success.”
Following the release of the document, Christian Faes, co-founder and CEO of online lender for short-term property finance LendInvestLendInvest, commented:
“Early rumors about this Industrial Strategy made us worry it would repurpose poor plans from decades past. But what we’re reading today looks forward-looking: it’s encouraging to see innovation in the number one spot on the Prime Minister’s list of priorities. There’s no doubting that the PM’s Industrial Strategy is putting SMEs at the heart of their vision for a healthy economy. But government must ensure that this focus extends to those SMEs that deliver the residential and commercial property that the nation critically needs if enterprise is to flourish. Putting much-needed investment into UK infrastructure is essential and I look forward to seeing more detail on this emerge in the housing white paper before too long.”
LendInvest’s team also shared their thoughts about the new strategy:
“The strategy is wrapped around objectives to build and extend on the UK’s sectoral strengths, close the productivity gap between companies, industries and places, and increase the UK’s overall competitiveness. We were interested to see a fascinating dual focus emerge in this paper: improving UK productivity, while investing in research and innovation and improving skills across all sectors.”
As part of the plan, May and her council unveiled ten strategic pillars that form the “basis of the long-term plan,” which are investing in science, research, and innovation; developing skills; upgrading infrastructure; supporting businesses to start and grow; improving procurement; encouraging trade and inward investment policy; delivering affordable energy and clean growth; cultivating world-leading sectors; driving growth across the whole country; and creating the right institutions to bring together sectors and places.
LendInvest’s team noted they plan to get behind four pillars to help kickstart the country’s productivity:
- Technology and innovation: LendInvest noted that the strategy makes a significant investment in research and development for nascent UK sectors, which includes an Industrial Strategy Challenge Fund.
- Infrastructure: The online lender shared that there were some commitments, including investments towards road, rail and digital infrastructure to enhance mobility and connectivity for citizens and businesses across the country. It hopes that these commitments will prioritize the country’s infrastructure.
- Developing skills: LendInvest stated it encouraged the government to invest in skills initiatives for small and medium enterprises (SMEs) property professionals to ensure that would-be property entrepreneurs are equipped with the tools to get projects off the ground.
- Supporting businesses to start and grow: The website that while the government has already established the Patient Capital Review, it also welcomes further funding from the British Business Bank and a commitment to helping the BBB in providing finance businesses outside of London and the South East. It also encourages the government to use the review into entrepreneur to better understand how to support property developers to grow their businesses.
LendInvest then added:
“This Industrial Strategy Green Paper is designed to inspire discussion over how best to achieve a forward-looking plan for the nation. Alongside other businesses and organizations, LendInvest will submit a response to the strategy in the coming weeks, encouraging government to throw its weight behind SMEs to deliver the growth this strategy seeks to inspire.”