LABOUR’S new industrial strategy is a “golden opportunity” to transform the economy but must have real money behind it, unions said today. 

The government published a green paper opening a consultation process on its 10-year plan at its inaugural International Investment Summit.

Business and Trade Secretary Jonathan Reynolds said: “Our modern industrial strategy will hardwire stability for investors and give them the confidence to plan not just for the next year, but for the next 10 years and beyond.”

The strategy is due to be published in the Spring Spending Review and will focus on eight “growth-driving” sectors: advanced manufacturing, clean energy industries, creative industries, defence, digital and technologies, financial services, life sciences, and professional and business services.

Firms, business experts and unions have until November 24 to provide feedback.

Unite general secretary Sharon Graham said the launch of the green paper marked “an important step forward.”

She said: “An effective industrial strategy is essential if the UK is to meet its growth targets and create the jobs of the future.

“The failure of the previous government to establish a strategy was a gross dereliction of duty.

“As a result, investment in the UK now lags far behind the rest of the G7.

“An industrial strategy must be more than just warm words, it must have real money behind it, linked to skills and job guarantees. 

“And it must be backed up by action.

“The errors of the past where companies received blank cheques with no job guarantees must not be repeated.

“At the strategy’s core, it must ensure that our move to net zero is not a jobless transition, creating working-class wastelands. 

“The industrial strategy is a golden opportunity to transform our economic landscape and to ensure that the UK leads a new industrial revolution. Labour must grasp that nettle.”

TUC general secretary Paul Nowak said the chaos and confusion caused by previous Tory governments has led to “havoc for our economy and left us falling behind” as the US and European countries push forward with their own industrial plans.

“With this industrial strategy, the government has a chance to press the accelerator, with faster growth in key sectors to give Britain independent energy, clean industry, and world-leading technology,” he added.

“It is right that jobs will now be at the heart of the strategy — as the government set out, success will mean high-quality, well-paid employment across the country, backed by decent treatment for people at work.”

Prospect general secretary Mike Clancy said: “It is high time the UK had a proper industrial strategy bringing together government, business, trade unions and other stakeholders to address the UK’s urgent need to boost investment and innovation, improve growth and meet pressing societal and environmental challenges.

“Trade unions have a central and indispensable part to play in this. The economy’s and individual employers’ successes are in the interests of the UK workforce, which is why Prospect always seeks to work in partnership with employers and employer bodies to strengthen the businesses and industries we work in.  

“From defence manufacturing and clean energy to tech and the creative sector, partnership is vital to progress,” he argued.

Institute for Public Policy Research (IPPR) associate director for economic policy Dr George Dibb said securing long-term, green growth for the economy “requires a strategic role for the state, actively shaping markets and working in partnership with businesses.

“Adopting a clear-sighted industrial strategy is all the more important as the US and EU have outflanked the UK in developing their own strategies to deliver green growth.”