British business: Theresa May’s long-awaited “industrial strategy” looks a bit thin

Print section UK Only Article:  standard article Fly Title:  British business Main image:  20170128_brp501.jpg SINCE standing for the leadership of the Conservative Party last summer, Theresa May has repeatedly promised to put a new “industrial strategy” at the heart of her government. Yet despite much talk, and even the establishment of a department with the phrase in its name, there has been little explanation of what such a strategy would amount to. At last some details were published on January 23rd. The preface to a chunky government “green paper” suggested that big and rather ominous changes were afoot: Mrs May wrote of a “new, active role” for government, which “backs business and ensures more people...share in the benefits”. The contents were more modest. True, it confirmed the biggest increase in public spending on research and development since 1979. Extra money for high-tech research will surely benefit the economy, which has suffered from weak productivity and wage growth since the financial crisis of 2008-09. Yet these funds had already been promised last November. Similarly, the green paper pointed to a “new” £2.3bn ...