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Government to unveil post-Brexit Industrial Strategy for UK

An Industrial Strategy for the UK will be unveiled by the Government tomorrow.

The White Paper will outline plans to improve productivity and growth, support promising industries and encourage investment.

Greg Clark, the Secretary of State for Business, is expected to propose a watchdog – similar to the independent Office for Budget Responsibility which produces economic forecasts – to monitor progress.

Looking ahead: Greg Clark is expected to focus on encouraging UK start-ups, including measures to enable pension funds to invest money into them

Looking ahead: Greg Clark is expected to focus on encouraging UK start-ups, including measures to enable pension funds to invest money into them

Clark is expected to focus on encouraging UK start-ups, including measures to enable pension funds to invest money into them.

But it is considered unlikely he will seek to impose new barriers to foreign predators taking over key UK firms.

Former Business Secretary Vince Cable said Clark was right to welcome investment from overseas but he had to distinguish between bona fide investors and asset strippers.

Clark is due to appear before MPs on the Business, Energy and Industrial Strategy committee on Wednesday. Its chairwoman, Labour’s Rachel Reeves, said: ‘We need an effective Industrial Strategy that helps us to compete internationally as we leave the EU.’ Stuart Thomson, of law firm Bircham Dyson Bell, said last week’s low growth and poor productivity figures enhanced the need to ‘map out what the economy of a post-Brexit Britain looks like’.

He added that the UK ‘needs improved skills, investment and infrastructure.’

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