WE ARE the voice OF business
A COMMITMENT TO PARTNERING WITH BUSINESS The UK’s Modern Industrial Strategy has outlined a firm commitment to building a partnership with business: - The government will combine public and private capital wherever possible, aiming to drive growth, jobs and resilience in priority sectors and regions. - New measures under the Procurement Act 2023 simplify rules, cut red tape and open more contracts to small and medium-sized enterprises (SMEs), including new requirements for job and skills KPIs and faster payment across supply chains. - The Office for Investment has been expanded to provide a concierge service for key investors, to increase access to new sites, skills and infrastructure faster and to co-create opportunities with public finance institutions and local leaders. - A new Business Growth Service will launch in summer 2025 with a single online hub for growth, finance and export support; plus, reforms to tackle late payments and expand the Made Smarter tech adoption programme across England. - Recruit ‘Industry Champions’ to ensure the Strategy’s Sector plan is delivered in line with business needs and is informed by sector expertise and innovation. - The government has outlined its commitment to enhancing support for SMEs and will publish a dedicated SME Strategy later this year, which we will monitor closely to assess its impact and opportunities for regional businesses. We welcome this clear commitment to a stronger partnership with business. Our experience delivering two successful Local Skills Improvement Plans (LSIPs) shows that close collaboration between government and employers is essential to building a skills system that drives growth, innovation and a stronger, fairer North East. Collaboration on this broader scale, benefiting all the Modern Industrial Strategy’s key sectors, is a positive signal that aligns with what we know works for our region and our businesses.
THE UK'S MODERN INDUSTRIAL STRATEGY
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