The Institute of Directors (IoD) has urged the government to create an industrial
strategy to help 'define specific long-term priorities for the UK
economy'.
A survey carried out by the IoD revealed that 88% of its members favour the
development of an industrial strategy. Less than 10% of IoD members think
economic growth should be generated by market forces.
The survey found that firms want an industrial strategy that focuses on
reinforcing the UK's capabilities as a centre of excellence for Research and
Development (R&D) and green investment.
The survey found that 58% of firms believed that the strategy should also focus
on the development of skills, and 57% would like it to champion developing
infrastructure.
Dr Roger Barker, Director of Policy at the IoD, said:
'The recent priority for UK government policy has been on regaining economic
and financial stability, and in laying the groundwork for the return of
economic growth.
'However, this is not enough to sustain the competitiveness of UK business.
Business leaders clearly see the value of a longer-term policy framework
which places innovation at its core, and which enables innovations to be
commercially exploited in the UK.
'Experience suggests that UK policymakers are ill-suited to 'picking
winners', either in terms of companies or sectors.'
Internet link: IoD website