NEWS n 5 Industrial Strategy ‘attracts £380bn and supports 155,000 jobs in first year’ ONE YEAR AFTER THE LAUNCH of its Modern Industrial Strategy, the Government says that it has already attracted more than £380bn of private sector commitments to high-growth sectors, supporting more than £35bn in exports, and 155,000 jobs across the country. The Strategy is a 10-year plan aimed at increasing investment and driving economic growth, targeting, in particular, eight key sectors – including advanced manufacturing, clean energy and “digital and technologies” – that the Government believes will define the UK’s 21st century economy. In a report marking the first anniversary of the initiative, the Government says it is “helping to ensure the UK remains one of the world’s leading places to innovate, invest and grow businesses in the industries that will shape the future economy”. It adds that the Strategy is “starting to give businesses certainty and confidence, with joined-up decisions and faster action on infrastructure, planning decisions, energy support, skills gaps, regulatory burdens, the capital for innovative companies, and how government backs UK firms to compete and export”. The 66-page report, called Delivering the UK’s Modern Industrial Strategy: Year One, declares that perceptions of the UK’s attractiveness to foreign investors have “rebounded”, returning the nation to joint second in Europe with Germany in 2026. It adds that the eight earmarked sectors (known as the IS-8) are more productive, and companies in those sectors pay their workers £7,900 more, than the national average. Among other things that the government says it has done in the first year of the Industrial Strategy are: n Supported small businesses, innovators and entrepreneurs with increasing access to growth capital, with the expansion of multibillion-pound public finance initiatives and pension fund reforms. n Ensured the UK leads Europe in attracting venture capital, capturing a record 48% of new European VC funding so far in 2026 – the highest rate in 16 years. n Created new laws to overhaul planning regulations, and introduced measures to ensure smaller companies in supply chains get paid on time. More than 130 trade barriers have been removed, creating £13bn in potential additional exports over five years. n Committed more than £1bn to train people with the skills to work in key industries – including 29 Technical Excellence Colleges serving more than 100,000 students – and launched a nationwide push to upskill 10m workers in AI by 2030. n Allocated £9bn for cutting-edge research and commercialisation of new technologies to create new companies – such as firms developing AI hardware – and introduced a £500m Sovereign AI Fund. A new business support Web site (www.business.gov.uk) has already attracted more than 750,000 visitors. While delivery of the Strategy is “moving at pace”, the Government admits that there is more to do. “The current geopolitical challenges make the Industrial Strategy even more urgent, and the impact of interventions needs to be felt by businesses and their workers, from reducing energy bills and red tape wrangles, to improving skills.” It adds that the Industrial Strategy’s delivery will accelerate in its second year. It has produced a roadmap predicting, among other things, that procurement and payment reforms will deliver benefits worth £7.4bn a year to SMEs from 2028. By 2035, its expects the Strategy to deliver 1.5 million more jobs, as well as strengthening supply chains and offering sustained market opportunities. www.drivesncontrols.com July/August 2026 THE CHINESE AUTOMATION giant Inovance has set up a UK operation, with an office in Manchester, to provide service and support to customers in the UK and Ireland. The general manager is Dominic Bowker, who has more than 30 years of experience in the drives, motion control and industrial automation sector, including periods at Siemens, Control Techniques and GE Converteam. He will be responsible for developing Inovance UK’s business and supporting its customers. Inovance is a $6.4bn industrial automation group which claims to lead the Chinese market for AC drives and servomotors. It is the world’s fourth-largest supplier of servodrives and seventh-largest supplier of AC drives. Founded in 2003, Inovance has more than 27,000 employees. Its portfolio includes motion controls, CNCs, PLCs, HMIs, controllers and industrial robots. From its office in the Cheadle Royal Business Park, Inovance will provide technical sales, support, training and guidance. “What attracted me to Inovance is the combination of innovative technology, strong engineering capability and a genuine commitment to supporting customers locally,”says Bowker.“The company continues to invest heavily in its product portfolio, helping customers improve productivity, efficiency and competitiveness. The establishment of a UK operation demonstrates that long-term commitment.” Chinese automation giant sets up an operation in the UK New College Durham is one of four Technical Excellence Colleges for Advanced Manufacturing, aimed at training around 65,000 skilled personnel for this sector by 2030 as part of the Industrial Strategy
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