Chambers: Industrial Strategy must have clear mission and unlock potential of places

Commenting on the BEIS Committee’s report on Industrial Strategy published today (Friday), Dr Adam Marshall, Director General of the British Chambers of Commerce, said:

“A clear, ambitious mission – and the untapped potential of our towns, cities and counties – need to sit at the heart of the Industrial Strategy.

“We need to decide our top economic and social goals as a nation, and develop a strategy that allows us to deliver these missions. At the same time, we must galvanise business communities all across the UK, so every area can leverage its competitive strengths and make a strong contribution to economic growth and prosperity.

“I applaud the BEIS Committee for recognising that mission and place are crucial to the success of Industrial Strategy. Business communities across the UK will now wish to see government adopt many of these recommendations as it works to bring the industrial strategy to life.”

On the Committee’s recommendation of a fundamental review of Business Rates, where the BCC has been campaigning for radical change, Marshall added:

“Business rates hammer firms with significant, volatile, up-front costs before they turn over a single pound. They are a barrier to achieving an ambitious Industrial Strategy, because they stop many firms from investing in their own productivity and growth. The Committee’s recommendation of a fundamental review of the business rates system is one we have made for years – and it’s time for action.”

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