Company News
Government Industrial Strategy Promises Growth
Friday 1st December 2017
Ravid
Construction companies may need to put in more orders for their hy lok valves, if the Government's aims to improve the construction industry are successful.
In a white paper released this week, the Government has pledged to Build a Britain Fit for the Future. This includes promises to invest in R&D, as well as sustainable technologies and innovations.
There are four main 'challenge areas' The Government has identified: Artificial Intelligence; Future of Mobility; Ageing Society and Clean Growth.
These are set to benefit from the £725m second wave of money from the Industrial Strategy Challenge Fund. This will include millions pledged to improving infrastructure for electric cars and help for industries which support a 'circular economy' such as renewable energy.
Industry giants have welcomed the publication of the paper, with SSE saying they believe the Government has successfully struck a balance between minimising cost for customers and "developing a smarter energy system while continuing the UK's progress in decarbonising its electricity and heat supply," in a press release.
The commitment to improving R&D in the UK follows the pledge to increase funding by 2.4 per cent over the coming years in the autumn budget released the week before.
Despite this overall positivity however, there are some concerns that the paper does not go far enough to address the skills gap that exists in the UK at present. This is despite a statement from Theresa May saying one of her key hopes for the strategy is that it would give current students the opportunity to access high quality, high paying jobs in the sector.
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