Industrial Strategy Council
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| Industrial Strategy Council | |
|---|---|
| Name | Industrial Strategy Council |
| Founded | 2017 |
| Dissolved | 2021 |
| Location | United Kingdom |
| Parent organization | Her Majesty's Treasury |
Industrial Strategy Council
The Industrial Strategy Council was an advisory body established in 2017 to advise on national industrial strategy implementation and strategic investment decisions in the United Kingdom under the administration of Prime Minister Theresa May. It operated alongside institutions such as the National Infrastructure Commission, British Business Bank, UK Research and Innovation, Department for Business, Energy and Industrial Strategy and engaged with stakeholders including Confederation of British Industry, Trades Union Congress, Institute for Fiscal Studies, and regional development agencies. The council produced evidence-based evaluations informed by inputs from actors like London School of Economics, Imperial College London, Cambridge University, Oxford University, and international comparators including Germany, Japan, United States and South Korea.
Background and Establishment
The council was created following the publication of the 2017 Industrial Strategy: building a Britain fit for the future white paper and drew on precedent from advisory bodies such as the Council of Economic Advisers (United States), German Council of Economic Experts, French Conseil d'Analyse Économique, and recommendations from think tanks including Policy Exchange, Resolution Foundation, Institute for Public Policy Research and Centre for Economic Policy Research. Its formation was announced by ministers in the Cabinet Office and coordinated with agencies like Office for Budget Responsibility, British Standards Institution, UK Trade & Investment and regional entities such as the Northern Powerhouse and Greater Manchester Combined Authority to provide cross-sectoral guidance on industrial capability and productivity.
Structure and Membership
The council combined independent experts, former senior officials, and private-sector leaders drawn from institutions such as BP, Rolls-Royce Holdings, Unilever, GKN plc, HSBC, BT Group, Siemens UK, GlaxoSmithKline and academia from University College London and Warwick Business School. Leadership included chairs with backgrounds at organizations like the Bank of England, National Audit Office, Office for National Statistics and executives formerly at McKinsey & Company and PricewaterhouseCoopers. Membership deliberately spanned constituencies represented by Federation of Small Businesses, EngineeringUK, CBI, ACAS, Royal Society and Royal Academy of Engineering to blend industrial, financial, research and regional perspectives.
Mandate and Functions
The council’s remit covered strategic advice on sectoral priorities, investment frameworks, and long-term capability building; it evaluated policy instruments such as innovation funding via UK Research and Innovation, procurement strategies connected to Ministry of Defence programmes, and industrial skills initiatives tied to Department for Education and Institute for Apprenticeships and Technical Education. It provided independent assessments on productivity metrics used by Office for National Statistics, regional growth projections used by the Greater London Authority, and the alignment of industrial policy with trade policy overseen by the Department for International Trade and agreements such as the EU–UK Trade and Cooperation Agreement.
Key Policies and Strategic Priorities
Priority areas identified by the council included advanced manufacturing linked to Aerospace Industry, low-carbon technologies associated with Department for Business, Energy and Industrial Strategy decarbonisation goals, pharmaceuticals coordinated with National Health Service procurement, digital infrastructure intersecting with Ofcom regulation, and regional industrial strategies exemplified by South West England and Tees Valley. The council emphasized investment in research and development through instruments comparable to Catapult centres and fiscal measures in tandem with HM Treasury spending reviews, recommending targeted support for clusters like Oxford–Cambridge Arc and manufacturing corridors north of River Humber.
Meetings, Reports, and Impact
The council convened regular meetings drawing attendees from bodies such as the Institute for Government, Royal Society of Arts, National Institute of Economic and Social Research and private firms including AstraZeneca and Jaguar Land Rover. It published analytical papers and summary advice that influenced policy documents from Department for Business, Energy and Industrial Strategy, investment decisions by British Business Bank, and regional strategies by combined authorities including Liverpool City Region. Its outputs fed into parliamentary inquiries by the Select Committee on Business, Energy and Industrial Strategy and informed debates in the House of Commons and House of Lords on industrial policy and investment.
Criticism and Controversies
Critics from organizations such as Greenpeace, Friends of the Earth, and policy commentators at The Resolution Foundation and The Economist argued the council privileged large incumbents like Rolls-Royce and GKN over small enterprises represented by Federation of Small Businesses and risked capture by private interests including consultancies like McKinsey & Company. Academic critics at London School of Economics and University of Oxford questioned transparency and conflict-of-interest arrangements given links to the Treasury and corporate members; investigative reporting in outlets such as Financial Times, The Guardian, and The Times highlighted tensions over procurement recommendations tied to Ministry of Defence contracts and regional allocation decisions. Aggregate critiques contributed to debates about the council’s effectiveness, leading to its functions being reassessed by successor arrangements within HM Treasury and related bodies.