{"id":20002,"date":"2017-11-27T03:46:15","date_gmt":"2017-11-27T03:46:15","guid":{"rendered":"http:\/\/www.bnreport.com\/ministers-to-launch-uks-post-brexit-economy-plan\/"},"modified":"2017-11-27T03:46:15","modified_gmt":"2017-11-27T03:46:15","slug":"ministers-to-launch-uks-post-brexit-economy-plan","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/ministers-to-launch-uks-post-brexit-economy-plan\/","title":{"rendered":"Ministers to launch UK&#8217;s post-Brexit economy plan"},"content":{"rendered":"<p>The government&#039;s plan to boost UK industry ahead of the country leaving the EU is due to be launched later. <\/p>\n<p>The industrial strategy is aimed at lifting growth, which official forecasts suggest will slow due to the UK&#039;s poor productivity performance.<\/p>\n<p>Business Secretary Greg Clark said the UK&#039;s decision to leave the EU meant the strategy  was &quot;even more important&quot;. <\/p>\n<p>A deal with US healthcare giant MSD to open a UK research centre has been announced as part of the strategy.<\/p>\n<p><a href=\"http:\/\/www.bbc.co.uk\/news\/business-42131746\" rel=\"noreferrer\" target=\"_blank\">Will the government&#039;s economic medicine work?<\/a><\/p>\n<p>The investment by MSD, known as Merck in the US, is worth up to \u00a31bn and is expected to create 950 jobs. <\/p>\n<p>The government said the announcement was &quot;a huge vote of confidence&quot; in its plans to boost the post-Brexit UK economy.<\/p>\n<p>The strategy comes just days after <a href=\"http:\/\/www.bbc.co.uk\/news\/business-42082119\" rel=\"noreferrer\" target=\"_blank\">official forecasting body the Office for Budget Responsibility (OBR)<\/a> announced an aggressive downgrade of its UK growth and productivity forecasts.<\/p>\n<p>Political parties and business groups have said that the solution to creating stronger growth and higher wages is more investment.<\/p>\n<ul>\n<li><a href=\"http:\/\/www.bbc.co.uk\/news\/business-42012388\" rel=\"noreferrer\" target=\"_blank\">Why isn\u2019t the UK more productive?<\/a><\/li>\n<\/ul>\n<p>The industrial strategy is expected to outline similar partnerships to the MSD one with other private sector firms in the construction, artificial intelligence and automotive sectors.<!--more--><\/p>\n<p>The deals will see the government pledge funding and policy collaboration in exchange for investment from private firms. <\/p>\n<h2>Analysis by BBC business editor Simon Jack<\/h2>\n<p>Here&#039;s the idiot&#039;s guide to how it&#039;s supposed to work. <\/p>\n<p>Pick an industry that the UK is already good at and needs investment. <\/p>\n<p>Chuck in a bit of government money, cluster the right institutions around it, commit to provide the skills base and give them somewhere to try their new stuff. <\/p>\n<p>That could mean faster trials for drugs in the NHS or using public roads to test driverless cars. <\/p>\n<p>Hey presto \u2013 private investment ensues. <\/p>\n<p>Some will see this as another example of government&#039;s dodgy track record in &quot;picking winners&quot; \u2013 the government insists it is backing excellence.<\/p>\n<p>Of course, all of these new initiatives are being born under the star sign of Brexit which makes them children of uncertainty.<\/p>\n<p>The government said the deals would be &quot;strategic and long-term partnerships&quot;. <\/p>\n<p>It has already pledged to invest an additional \u00a380bn in research and development over the next decade. <\/p>\n<p>The additional funding is aimed at putting the UK&#039;s investment in this area on a par with other advanced nations.<\/p>\n<p>Currently the UK spends 1.7% of its gross domestic product on research and development, much lower than the 2.4% average of developed countries in the Organisation for Economic Co-operation and Development. <\/p>\n<p>As part of its industrial strategy, the government is also expected to outline the main global trends which it believes the UK needs to tackle to revive its flat-lining productivity. <\/p>\n<p>These are expected to include artificial intelligence, clean energy such as low carbon technologies, medical care for an ageing population and future mobility such as driverless cars and drone-delivered goods. <\/p>\n<p>&quot;More decisions about our economic future will be in our own hands and it is vital that we take them,&quot; Mr Clark said.<\/p>\n<p><strong><a href=\"https:\/\/blockads.fivefilters.org\/\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/strong> <a href=\"https:\/\/blockads.fivefilters.org\/acceptable.html\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/p>\n<p><a href=\"http:\/\/www.bbc.co.uk\/news\/business-42131742\" rel=\"noreferrer\" target=\"_blank\">Original Article<\/a><\/p>\n<p> [contf] [contfnew]          <\/p>\n<h5><a href=\"http:\/\/www.bbc.com\/news\" rel=\"noreferrer\" target=\"_blank\">BBC<\/a><\/h5>\n<p> [contfnewc] [contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government&#039;s plan to boost UK industry ahead of the..<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"class_list":["post-20002","post","type-post","status-publish","format-standard","hentry","category-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ministers to launch UK&#039;s post-Brexit economy plan - Business News Report<\/title>\n<meta name=\"description\" content=\"The government&#039;s plan to boost UK industry ahead of the..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/ministers-to-launch-uks-post-brexit-economy-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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