An active industrial policy will help us transfer our nation’s flair for research and technical innovation directly into industrial manufacturing. This will create competitive advantage for Britain, help reduce regional inequality, tackle our chronic trade deficits and increase the national wealth in the long-term. Decades of indifference to UK industry has resulted in failure. This ideological approach is coming to an end – and not before time.
POLICY PLEDGES:
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A national industrial strategy will be produced aimed at re-industrialisation, skills training, the reduction of regional inequalities, supply chain resilience, the creation of high quality jobs and the elimination of the UK’s trade deficit.
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A British Development Board (BDB) will be established and empowered to invest £10 billion per annum via equity investment in start-up manufacturing via a network of Regional Development Boards (RDBs). Each RDB will operate from the region’s key universities and will be responsible for the transmission of research and innovation into investment and industrial production.
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Specific focus will be given to electric vehicle and gigafactory capacity, modular nuclear reactors, hydrogen, solar and wind farm manufacturing, mineral fuel production, electrical machinery and plastics.
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A ‘Buy British’ bill will require government bodies to procure from domestic producers to strengthen industrial production. All large public infrastructure projects will be required to demonstrate the facilitation of domestic industrial capacity.
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A Critical Minerals Supply Act will be passed to bolster our domestic extraction and supply of critical metals and minerals essential to the UK’s manufacturing and energy sector.
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The creation of Works Councils to give workers a stronger voice in the workplace will be supported where employees demand it. Such Works Councils will have rights to co-determination, negotiation on behalf of employees, and to be consulted on major company decisions.
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Corporation tax and non-domestic rates relief will be available to businesses establishing manufacturing in economically-deprived areas and training the local workforce. Tax policy will incentivise industrial research to enhance the existing research and development tax credit system.