What does 'industrial strategy mean?
‘Industrial strategy’ refers to government intervention which seeks to support or develop some industries to enhance economic growth. UK Governments have taken a range of approaches to this policy area in the past, but in recent decades a non-interventionist philosophy has prevailed.
One of Theresa May’s first actions as Prime Minister was to create a new Department for Business, Energy and Industrial Strategy (BEIS) by combining most of the functions of the old Departments for Business, Innovation and Skills, and Energy and Climate Change. This move has been characterised as “the re-introduction of ‘industrial strategy’ to the political lexicon.”
Does the UK have one?
YES - and it has been argued that the best strategy would be one of deregulation.
