Economic Growth Strategy

The UK government has put in place a plan to stimulate the economy following the Covid-19 pandemic and its associated economic effects. It plans to do this by focusing on a set of key themes.

Infrastructure

• The government plans to stimulate short-term economic activity and drive long-term productivity improvements by investing in broadband,
  roads, rail and cities.
• Support investment through the new UK Infrastructure Bank, which will invest in local authority and private sector infrastructure projects, and advise on the development and delivery of projects.

Skills

• Additional investment in further education and reform to technical education will align the post-16 technical education system with employer demand.
• The introduction of the Lifetime Skills Guarantee to enable lifelong learning.
• A continual focus on the quality of apprenticeships, and improvements to the apprenticeship system for employers.

Innovation

• There are plans to support and incentivise the development of the creative ideas and technologies that will shape the UK’s future high-growth,
  sustainable and secure economy.
• Supports for SMEs to grow via two new schemes that aim to boost productivity.

The “Levelling Up” agenda

• The government aims to regenerate struggling towns in all parts of the UK via the UK Shared Prosperity Fund and the UK-wide Levelling Up Fund.

Support the transition to net-zero

• Investments must be made in infrastructure and technology to help move the economy towards its legal target of net zero carbon emissions by 2050.
• Create 60,000 jobs in offshore wind, 50,000 in carbon capture and end the sale of new petrol and diesel cars by 2030.

Support a vision for “Global Britain”

• The government wishes to project an image of a globalised UK through trade agreements and membership of multinational bodies.