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lakeelmoleader.com January 21, 2018


AI and mobility named as key challenges in Industrial Strategy

29 November 2017, 01:08 | Kara Nash

Construction wins government backing for productivity boost

AI investment CAGR 2010 2016

"But any serious strategy should address the weaknesses that stop us achieving our potential, as well as our strengths, and this Industrial Strategy does that", he said.

The white paper, building on the Budget announced last week by Chancellor Philip Hammond, recognises the Bank of England's assessment that improved management and leadership is a key factor in boosting productivity; it acknowledges that poor management skills could account for a quarter of the productivity gap between the United Kingdom and the US.

As part of the announcement, it has committed to investing a further £725 million over the next three years in the Industrial Strategy Challenge Fund (ISCF), to help respond to the challenges and opportunities faced by the UK. "Raising digital literacy goes hand in hand with maintaining and building on productivity gains in the industry, that continue to outpace the United Kingdom average, and supports the Government's aspiration of a digital economy that works for all".

Theresa May, UK Prime Minister said the Industrial Strategy "will help propel Britain to global leadership of the industries of the future - from artificial intelligence and big data to clean energy and self-driving vehicles" "As we leave the European Union and forge a new path for ourselves, we need to focus on building a better future for our country and all the people who live in it".

While CMI did welcome the increased funding for apprenticeships that is included in the white paper, Wilton said the government's Industrial Strategy still did not go far enough in linking improved management skills with better productivity.

"The government must ensure they seek joined up cross party buy in if the Industrial Strategy has any chance to become sustainable and succeed in the long term".

To support rapid adoption of AI technologies at scale, government plans to create an Office for AI which will work initially with six priority business sectors: cybersecurity; life sciences; construction; manufacturing; energy; and agricultural technology.

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The white paper notes that the government "will aim to maximise United Kingdom businesses' share of the global markets as they are transformed by the shift to clean growth, and make our country one of the best places in the world to develop and sell clean technologies".

As for the "Future Mobility" challenge, the Government repeated the measures announced in last week's Autumn Budget, which include multiple investments in clean mobility: £400 million Charging Infrustructure Fund and a £100 million Plug-in Car Grant. "The NHS has a proud history of spearheading medical innovation and today's investment in our strong and growing life sciences sector will see patients in the United Kingdom continue to benefit from world-leading research and pioneering medicines". "This white paper is a great start".

The Industrial Strategy is meant to push the United Kingdom towards the forefront of the data-driven revolution.

"There is still plenty to do, including supporting those millions of small businesses not yet taking advantage of basic tech", he said.

"Addressing the UK's well-documented digital skills gap remains a major obstacle to overhauling the productivity slump".

"While it's pleasing to see steps being taken to invest in the fourth industrial revolution, much more needs to be done to encourage the take-up and development of skills that will be needed to see it through".



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