British government launched new strategy for industry as Brexit looms

Vastavam web: The British government launched a new strategy for industry on Monday, aiming to intervene in key sectors to tackle weak productivity and bolster businesses to counter any new problems caused by Brexit.The government said on Monday that it had secured a major investment from global healthcare company MSD, known as Merck & Co (MRK.N) in the United States, ahead of the publication of the strategy.
Life sciences is one of four sectors being targeted by the government, which will also focus on construction, artificial intelligence and the automotive industry.“Britain’s productivity performance has not been good enough and is holding back our earning power as a country.”
Last week Britain’s budget forecasters cut the country’s growth estimates for the next five years, largely because of reduced projections for productivity, the Achilles’ heel of the economy since the financial crisis.Clark said the new industrial strategy would strengthen infrastructure and the business environment in an effort to improve productivity.
“This new London location will enable us to build on our proud legacy of invention and be an important contributor to the vibrant and rapidly growing London life sciences community while providing access for more collaborations within the European life science ecosystem,” said Roger M. Perlmutter, president of MSD Research Laboratories.
The vote of confidence in Britain’s life sciences sector was welcomed by the government after the news last week that the European Medicines Agency would move from London to Amsterdam when Britain leaves the EU in March 2019.Brexit remains the biggest concern for British companies and multinationals with operations in Britain. With only months to go before many businesses need to make decisions on future investment, they are eager for clarity on how Brexit will work.