Committee publication · Correspondence · 15 July 2026
Letter from the Minister for Small Business and Economic Transformation relating to the Industrial Strategy, 3 July 2026
From: Business and Trade Committee
Inquiry: Industrial Strategy
Summary
Minister Blair McDougall reports on progress implementing the Modern Industrial Strategy one year after launch. The government claims £360bn in committed private investment supporting 120,000 jobs, highlights reforms in planning, energy, and regulation saving businesses £1.4bn annually, and outlines sector-focused initiatives including Technical Excellence Colleges, growth zones, and trade deals. Delivery continues across eight priority sectors and regional growth corridors.
Key findings
- Business has committed at least £360bn in private investment supporting over 120,000 jobs across the UK since the strategy's launch
- Planning reforms (December 2025 Planning and Infrastructure Act) scrapped pre-application consultations and streamlined judicial reviews to accelerate home-building targets
- Government delivered £1.4bn in annual administrative burden savings to businesses, including £230m annually from corporate reporting reforms
- 29 Technical Excellence Colleges launched across England to train over 100,000 young people in strategic skills; five AI Growth Zones established with support for up to 15,000 jobs
- Government announced £350m Critical Chemicals Resilience Fund and £500m Local Innovation Partnerships Fund; Northern Growth Strategy backed by up to £45bn Northern Powerhouse Rail investment
Tone
SupportiveTopics
Key actors
Blair McDougall MP, Liam Byrne MP, Chris McDonald MP, Department for Business and Trade, Industrial Strategy Advisory Council, UK Research and Innovation
Notable line
“Business has responded in kind, committing at least £360bn in private investment which will support over 120,000 jobs across the UK.”
Key Quotes
“Since the launch of the Modern Industrial Strategy one year ago, the Government, working in partnership with business, mayors, devolved governments and local leaders, has made significant progress turning the Industrial Strategy into concrete action”
“We have delivered £1.4bn in annual administrative burden savings to businesses, with the streamlining of corporate reporting requirements estimated to save businesses £230m every year.”
“Total support into IS sectors from public finance institutions since publication now stands north of £10bn, alongside more than £9bn being directed to IS-8 frontier technologies and industries via UK Research and Innovation”
“… the Government is committed to establishing a permanent, statutory Industrial Strategy Council when Parliamentary time allows.”
Source · parliament.uk record ↗