The UKâs new industrial strategy

The Government has published its new industrial strategy, which shows how the UK can thrive in the global economy, and reveals what the Government’s priorities are for the leaving the EU.

The strategy is founded upon 10 separate pillars:

1. Investing in science, research and innovation
2. Developing skills
3. Upgrading infrastructure
4. Supporting businesses to start and grow
5. Improving procurement
6. Encouraging trade and inward investment
7. Delivering affordable energy and clean growth
8. Cultivating world-leading sectors
9. Driving growth across the whole country
10. Creating the right institutions to bring together sectors and places

One of these pillars is particularly encouraging for the marketing industry, which relies on skilled and creative mathematicians and scientists who work as data scientists in areas such as CRM or programmatic. The report acknowledges that the Government must do more to support STEM and digital skills by allowing young people who do not go to university to pursue a specialised technical education.

The Government are consulting on how to do this and are open to suggestions. They want to create prestigious new institutes of technology to deliver higher-level technical education in all regions. There is scope for the DMA to contribute to this policy as the IDM has the ability to help by creating new technical qualifications.

Pillar 8, cultivating world-leading sectors means the Government want to focus attention on areas where the UK already has a competitive advantage and is thriving. The creative industries, which marketing and advertising are a part of, is recognised as a sector the UK will focus on.

Sir Peter Bazalgette will conduct an independent review into how the UK’s creative industries, like marketing and advertising, can drive economic growth, develop new technologies and train the next generation of young people for the workplace.

The Government believes that a sector is more likely to thrive when there is a clear proposition developed by leadership to steer progress. The report cites developments in artificial intelligence as an area where a sector deal could be beneficial.

The report says: “The Government will respond positively to compelling propositions from a wide range of sectors and industries if they can demonstrate that they can take action to improve the competitiveness of their sector.”

Sir Peter Bazalgette will lead the sector deal for the creative industries. It is great to see that the Government recognises the incredible contribution made to the UK economy by the creative industries.

DMA managing director, Rachel Aldighieri, said: “The DMA welcomes this report and its focus on the creative industries. For too long the creative industries had been neglected by policymakers in spite of the large contribution they make. Advertising exports are £4.1 billion a year.

“I especially welcome the news that the Government are going to focus on skills. The marketing sector needs young people highly skilled in the STEM subjects to fulfil a variety of data roles, to develop artificial intelligence and bring innovative ideas to the floor.”

You can read the full report here and the consultation questions.

If you have any questions contact DMA external affairs manager, Zach Thornton, on Zach.Thornton@dma.org.uk or 020 7291 3346