IPPR Commission on Economic Justice

Year of publication: 2017

The report defines the industrial strategy as ‘the purpose-driven coordination by the state of its ‘supply side’ economic policies…’ Analysis of the UK economy and other countries’ experience of such strategies has led the authors to make five suggestions.

  1. The aim of the industrial strategy should be to promote structural change in the UK economy, including by stimulating economic growth and productivity in all regions and nations of the UK
  2. The strategy should integrate the improvement of the economy’s supply side with the stimulation of demand, partially by driving significant new public investment through a National Investment Bank covering infrastructure, housing, business growth and innovation
  3. The scope of the strategy needs to be expanded to focus on raising productivity in the ‘everyday economy’ of ordinary firms where most people are employed
  4. Innovation policy should aim to diversify the UK’s base of world-leading ‘frontier’ firms
  5. Geographic rebalancing requires the creation of stronger regional institutions in England (reform and devolution)

Content type: Economy

Tags: Report

Industrial Strategy: Steering structural change in the UK economy

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