The UK government has launched the first industrial strategy in seven years, including appointing Clare Barclay, CEO of Microsoft UK as chair of a new Industrial Strategy Advisory Council.

The government hopes the new strategy will drive sustainable, long-term growth across eight key sectors, including advanced manufacturing; clean energy industries; creative industries; defence; digital and technologies; financial services; life sciences; and professional and business services.  

The business secretary, Jonathan Reynolds, and the Chancellor, Rachel Reeves, have published a green paper to kickstart the strategy, released today as part of the International Investment Summit, with businesses across the country invited to respond with their views.

Making the announcement, Reynolds pledged an end to instability, claiming that the industrial strategy will “hardwire stability for investors” and give industry the confidence to plan for the next decade or more.

As part of the plans, the Industrial Strategy Advisory Council, led by Barclay, will inform the development of the industrial strategy through expertise and evidence, working with business, trade unions, devolved governments, local leaders, academia and stakeholders. 

In the King’s speech the government committed to putting the council on a statutory footing, giving it set powers and responsibilities, as well as ensuring it will be permanent and independent.  

Ahead of establishing the permanent statutory body, the government is introducing an interim advisory Council, with the first meeting and announcement of full membership expected in the coming weeks.  

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“As Chair of the Industrial Strategy Advisory Council, I will ensure the council provides a clear and strong voice on behalf of business, nations, regions, and trade unions, as we invest for the future to ensure that our prosperity is underpinned by robust growth in key sectors right across the country,” said Barclay.

“Whilst we fully embrace the industries of today, we must also have a clear plan for future growth, and the Advisory Council will play a central role in shaping and delivering this plan.”

At the same time, the government has said it will establish a new supply chains taskforce that will work to assess where supply chains critical to the UK’s economic security and resilience, including those in the growth driving sectors outlined in the industrial strategy, could be vulnerable to disruption.