Industrial Strategy to boost skills and training in UK
- 28th November 2017
- Business & Economy
The Government’s Industrial Strategy has been launched to help boost skills, training and research in the UK.
Over the next three years, £725 million will be put towards the Industrial Strategy Challenge Fund to help make the UK the most innovative nation in the world by 2030.
The strategy will focus on boosting skills and research across a number of areas, with £64 million being invested into a National Retraining Scheme to help people improve their digital and construction skills.
There will also be a £406 million training scheme to educate people in science, technology, engineering and maths (STEM subjects).
Government investment in research and development is also set to increase from 1.7 per cent to 2.4 per cent GDP, which could result in an extra £80 billion being invested in advanced technology.
The strategy, which was first announced in the 2017 Spring Budget, will focus on improving the skills of those who work in the public sector, and its launch comes after the government announced that it would be committing to investing £1 billion into its Industrial Strategy Challenge Fund projects.
Business Secretary Greg Clark commented: “The way we earn and live our lives as workers, citizens and consumers is being transformed by new technologies.
“The UK is well-placed to benefit from this new industrial revolution and we start from a position of significant strength.
“We have a thriving research and science base and are home to a wide range of innovative sectors, from advanced manufacturing and life sciences, to fintech and creative industries.”
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