Committee publication · Correspondence · 1 July 2025
Letter from the Secretary of State relating to the UK's Modern Industrial Strategy, 23 June 2025
From: Business and Trade Committee
Inquiry: Industrial Strategy
Summary
Secretary of State Jonathan Reynolds writes to the Business and Trade Committee Chair on 23 June 2025 enclosing the Government's published Industrial Strategy. The ten-year plan aims to make the UK the best country to invest in through economic growth, quality jobs, and rising living standards. Reynolds highlights government investment in growth sectors, electricity cost cuts of 20-25% for key sectors, skills training expansion, and reforms to procurement and regulation.
Key findings
- Government published a ten-year Industrial Strategy focused on investment in growth-driving sectors, business finance, and research funding.
- Strategy commits to reducing electricity costs by 20-25% for key sectors to align with major European economies.
- Plans include thousands of new training opportunities for British workers to address skills gaps.
- Strategy addresses barriers to growth including public procurement reform and reducing regulatory burdens, many highlighted in the committee's 6 June report.
- Secretary of State indicates a formal government response to the committee's June report will follow.
Tone
SupportiveTopics
Key actors
Jonathan Reynolds MP, Liam Byrne MP, Business and Trade Committee, Department for Business and Trade
Notable line
“Today we have published the Government's Industrial Strategy (IS). Our bold, modern IS sets out a new ten-year plan to make the UK the best country to invest in …”
Key Quotes
“Today we have published the Government's Industrial Strategy (IS). Our bold, modern IS sets out a new ten-year plan to make the UK the best country to invest in, delivering economic growth, quality jobs and a rise in living standards across the UK.”
“The Industrial Strategy sets out how we will back our growth-driving sectors with billions of pounds of government investment, including for business finance and research funding.”
“… the Industrial Strategy confirms we will cut electricity costs by around 20-25% for key sectors, bringing prices in line with other major economies in Europe and levelling the playing field for UK businesses.”
“On Skills, we will also create thousands of new training opportunities for British workers to close the UK's skills gaps .”
Source · parliament.uk record ↗