Business leaders suggest Theresa May has a “landmark opportunity” to improve Britain’s economy in the long-term with her industrial strategy.

The Prime Minister will announce a Green Paper today that will launch work to develop and finalise the strategy in consultation with industry.

CBI director-general Carolyn Fairbairn said the final plan must focus on boosting flagging productivity and ensuring regions throughout the UK enjoy the same prosperity as London and the South East.

She believes that modern industrial strategy would be a landmark opportunity to build a successful, modern economy as the foundation for a prosperous, fairer and more inclusive society.

CBI director-general Carolyn Fairbairn believes in Theresa May's new strategy
CBI director-general Carolyn Fairbairn believes in Theresa May’s new strategy / PA IMAGES

“It must help fix the country’s productivity problems and remove the regional inequalities that have dogged our country for generations, having a positive impact on living standards, wages and the future opportunities of many people.”

“The CBI has long-called for a new industrial strategy and it’s welcome to see the Government creating an opportunity for all sectors to get involved.”

The ten-point green paper will include “investing in science, research and innovation” and could set out ideas involving building up local trade bodies, creating new educational institutions and making it easier for firms to access finance outside London.

Terry Scuoler, chief executive of EEF, the manufacturers’ organisation urged the Government to work together with “clear leadership” from the PM and Cabinet to make the strategy a success.

Mr. Scouler says: “This is an important first step towards creating a comprehensive, consistent and long-term industrial strategy that will help Britain adjust to a more globally-focused, post-Brexit economy.

“Manufacturing has a key role to play and we look forward to working with the Government on crystallising this into a strategic framework that will work and deliver for industry.”

“The end result of this process must be an industrial strategy that lives up to the promise of driving different behaviors and outcomes for the British economy.”