Lewisham Conservatives Welcome Modern Industrial Strategy Support for London

In the year since the modern Industrial Strategy was launched, £45 billion has been committed to support local infrastructure, research and development and businesses to back high-skilled jobs in communities across the country.

 

Since 2010, there are now 4,668,100 more people with the security of a job in London.  Lewisham Conservatives have welcomed the investment into London under the modern Industrial Strategy, such as £8.5 million to provide residents with the digital connectivity they need and £9.8 million to accelerate housebuilding, as part of our plan to build a stronger, fairer economy.

 

The modern Industrial Strategy, through the biggest transformation to technical education in a generation, ensures that people can boost their skills to take on the challenges and jobs of the future. Last year, there were 44,410 apprenticeship starts in London, giving more young people to develop their skills while contributing to a business.

 

Through its modern Industrial Strategy, the Government is delivering record levels of public investment in R&D, signing new sector deals to transform key industries and is overseeing the highest growth in infrastructure spending in the G7.

 

Lewisham Conservatives have commented :

 

“In the year since it was published, we have already seen significant progress in generating good jobs and higher wages. 

 

“I am delighted to see the positive impact of our modern Industrial Strategy throughout London, particularly the investment in Lewisham.

 

“Through the modern Industrial Strategy, we are building a country that is fit for the future.”

 

For further information, please contact Lewisham Conservatives on 020 3699 4041.

 

 

Notes

 

  • Committing an additional £7 billion to R&D by 2027, helping businesses to develop new technologies and create high-skilled, high-paid jobs. Since 2016, we have committed an additional £7 billion from the National Productivity Investment fund for research and development by 2021-22 – the largest increase for 40 years (HMT, Budget 2018, 29 October 2018, link; Hansard, 1 November 2018, link).

 

  • Creating sector deals in key industries, supporting the creation of thousands of jobs around the country. In the last year, we have created Sector Deals in life sciences, automotive, creative industries, artificial intelligence, nuclear and construction (BEIS, Industry Sector Deals Collection, accessed 29 November 2018, link).

 

  • Increasing the National Productivity Fund to £37 billion, improving infrastructure and helping businesses to grow. In the Budget, we increased the fund to £37 billion and extended it to 2024. This will take public investment to the highest consistent sustained level in 40 years, and is £22 billion more a year in real terms than under Labour (HMT, Budget 2018, 29 October 2018, link).

 

  • Making the UK one of the best places in the world to do business, investing £20 billion in innovative and high potential businesses. This includes £2.5 billion on a patient capital fund to help businesses grow over the long-term, and the British Business Bank has also provided more than £5.5 billion to over 78,000 smaller businesses (BEIS, Press release, 27 November 2017, link).

 

  • Investing £406 million in maths, digital and technical education, to ensure young people are equipped to take on the challenges of the future. In order to address the shortage of science, technology, engineering and maths skills, we are investing an extra £406 million in maths, digital and technical education and providing £1,200 to schools for every pupil taking a maths A-Level (BEIS, Press release, 27 November 2018, link).

 

  • Supporting all regions of the UK by developing local industrial strategies, building on local strengths and ensuring we deliver economic opportunities to every region and nation in the UK. We have provided £85 million for local growth deals in Belfast, North Wales and the Tay Cities area, while the West Midlands and Greater Manchester have launched consultations on their local industrial strategies (BEIS, Policy paper, 1 October 2018, link; BEIS, Policy paper, 30 October 2018, link).