Monitoring agency to be set up
Productivity to be focus of new Industrial Strategy
Greg Clark: new monitoring to be established
UK Business Secretary Greg Clark is expected to unveil a new agency to monitor progress on productivity which will form a key part of the government’s industrial strategy.
It will be similar to the Office for Budget Responsibility which produces economic forecasts.
A White Paper on a new industrial strategy will be published on Monday outlining plans to improve productivity and growth and how the government will support industries.
It will also introduce measures to enable pension funds to invest in start-ups.
Contrary to expectations, it is thought unlikely that the paper will propose restrictions on foreign predators buying strategic UK companies.
Mr Clark will face his first grilling on the strategy when he appears before MPs on the Business, Energy and Industrial Strategy committee on Wednesday.
Its chairwoman, Labour’s Rachel Reeves, said: “We need an effective Industrial Strategy that helps us to compete internationally as we leave the EU.”