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Engineering an industrial strategy

The IET considers that it is timely to analyse the basis of industrial strategies to inform the debate. In this paper we have outlined four key pillars to form the basis of a successful national industrial strategy. These are:

  • A comprehensive and defined strategic vision of the challenges the Government is seeking to resolve, along with a set of strategic objectives or themes which will help to develop solutions. A strategy should be developed before industrial policy decisions are taken.
  • This strategic vision should be backed up by sound and accessible analysis, so that all actors can take decisions based on the facts.
  • A long term approach should be taken, with milestones to serve as review points. At these points industry and government can assess next steps.
  • The strategy should be embedded across all of government with clear accountability for review and delivery provided.