Robust industrial strategy will benefit the economy and help the country respond to challenges posed by Brexit, according to a report published by Balfour Beatty.
The paper, called The Industrial Strategy – a Vision for Growth, highlights Balfour Beatty’s approval of the government’s focus on industry.
It states: “Balfour Beatty supports the government’s renewed focus on a long-term industrial strategy and the decision to create, in the new Department for Business, Energy and Industrial Strategy (BEIS), a government department with the industrial strategy at the heart of its activities.
“We believe that, designed correctly, a strong industrial strategy can contribute to increasing economic growth and resilience, alongside a more balanced society.”
However, it warns against too much government intervention in propping up inefficient industries, which could harm the economy in the long term.
The paper’s recommendations for an effective strategy include supporting the engineering and construction sectors to boost employment and modernise the UK’s infrastructure, as well as addressing the skills shortage.
It also states the government strategy should “seek to establish stability and certainty in the political and policy landscape” in the wake of the Brexit vote.