Does the UK have an industrial strategy?
Its often asserted that successive Govts have not been helpful to business or stood in the way of economic development; taken as proof that the UK lacks an industrial strategy.
But, look at this & previous Govt.s attitude to financial services (bowing to its lobbying for either lighter regulation or preferential tax treatment) & what you see is the UK's successful industrial strategy.
The problem is its focussed on financial services!
The strategy was adopted - perhaps by default - roughly forty five years ago. It reflected the aspiration of the #bankofengland to use the benefits of #northseaoil to restore the #cityoflondon to the position it had lost during the #secondwarworld . This worked up to a point - until the financial crisis of 2008 exposed its unstable foundations.
yes, 'worked up to a point' is exactly it, and the problem neatly stated; it worked for the City & those adjacent to the financial sector, but by empowering them, also led to a raft or finaniclaised (data based, quarterly) management which has had a sever knock on effect
Emeritus Prof Christopher May
Donald Roy