The UK government has launched a public consultation on the green paper, ‘Invest 2035: the UK’s Modern Industrial Strategy on 17 October 2024.

This is a public consultation that will develop the new Industrial Strategy, the Government’s proposed plan to ease the investor journey and create long-term, inclusive, secure and sustainable growth. The final Industrial Strategy will be published in Spring 2025, alongside the multi-year Spending Review.

The new modern industrial strategy – Invest 2035 – is the UK government’s credible, 10-year plan to deliver the certainty and stability businesses need to invest in the high-growth sectors to drive the growth of the country’s economy.

The strategy will focus on tackling barriers to growth in our highest potential growth-driving sectors and places, creating the right conditions for increased investment, and high-quality jobs and ensuring tangible impact in communities right across the UK.

The strategy’s goal is to capture a greater share of internationally mobile investment in strategic sectors and spur domestic businesses to boost their investment and scale up their growth – an essential step in achieving sustainable, inclusive and resilient growth.

Eight growth-driving sectors have been identified: advanced manufacturing, clean energy industries, creative industries, defence, digital and technologies, financial services, life sciences, and professional and business services. In the next stage of developing the industrial strategy, the government will prioritise sub-sectors within these broad areas that align with its objectives and where there is evidence that policy can effectively address barriers to growth.

In the next stage of development of the industrial strategy, the government will prioritise sub-sectors within these broad sectors that meet our objectives and where there is evidence that policy can address barriers to growth.

The consultation is set to conclude on 24 November 2024.