A new UK government strategy called “Modern Industrial Strategy” is due to go live on Monday that’s putting a great deal of its focus into artificial intelligence (AI), 5G and robotics.
It’s a post-Brexit strategy that May hopes will have the UK economy back to a position where it’s stronger than ever.
In last year’s Autumn Statement a £4.7 billion increase in R & D was allowed which the government intends to spend on various aspects of science, innovation, and research, including AI, 5G, and robotics.
According to Business and Energy Secretary Greg Clark, the Modern Industrial Strategy will “improve living standards and drive economic growth across the whole country.”
However, the other thing that’s coming is that robotics and AI are going to take over many jobs out there in sectors industries ranging from insurance to manufacturing to retail.
Thankfully the UK government is helping its residents protect themselves against the rise of automation by training skilled workers in fields such as AI and robotics.
Moving forward with the Modern Industrial Strategy, the government is looking to spend around £170 million establishing new “Institutes of Technology.”
“As we leave the EU it will help us grasp the bigger prize: the chance to build that stronger, fairer Britain that stands tall in the world and is setup to succeed in the long-term.
And it is a vital step towards building a country where prosperity is shared and there is genuine opportunity for all.”
At the World Economic Forum last week, May indicated that she will be taking a more inetrbetioniust approach to econimc growth than those before her in the same position. This includes her plans for “Sector Deals.”
This involves companies putting forward specific plans that will significantly benefit their own industries and address challenges that are already evident.
Alongside these Sector Deals, the government intends to supply plenty of support it says “including addressing regulatory barriers to innovation and growth, looking at how we can use trade and investment deals to increase exports, or supporting the creation of new institutions to provide leadership, support innovation or boost skills.”
“The developing Industrial Strategy represents a crucial first milestone in a renewed partnership between business and government, working together to create the conditions for future growth,” said Adam Marshall,Director General, British Chambers of Commerce, in a recent statement.