A cut in businesses' electricity bills, investment in R&D and new funding for the British Business Bank to support SMEs.
These are just some of the pledges planned in the Government's new ten-year Industrial Strategy which has been announced today.
The masterplan includes proposals for the removal of green levies to help companies compete with overseas rivals, an increase in R&D spending to £22.6 billion annually by 2029-30 and £6.6 billion for the British Business Bank, including £2.6 billion for the nations and regions.
You can read more about the Industrial Strategy at the links below:
- Energy costs for thousands of businesses to be cut as PM launches industrial strategy
- British Business Bank to inject £6.6 billion into small businesses and innovation
West Midlands business leaders have been reacting to the Industrial Strategy
Prof David Greenwood is chief executive of the High Value Manufacturing Catapult at Warwick Manufacturing Group, part of University of Warwick.
He said: "We welcome the new battery innovation programme to develop manufacturing capability in the 海角视频 and enable growth up and down the supply chain.
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"The ten-year commitment to automotive and aerospace sectors will be particularly helpful and encourage companies to conduct their product development and their manufacturing here in the 海角视频, given that these industries have decade-long product cycles.
"The action on energy costs will also have a significant impact.
"Energy costs in the 海角视频 have been a major impediment to inward investment in manufacturing - given our focus on the manufacturing sector, we are delighted to see that the Government has listened and acted on this.
"We also welcome the Industrial Strategy's focus on the skills needed for manufacturing growth, especially short courses for industrial up-skilling as they are critical to the success of British businesses.
"We look forward to working with Skills England and industry to upskill, reskill and educate our incredible manufacturing workforce."
David Morris, is head of the central region for financial services group PwC.
He said: "The Industrial Strategy sets a bold course for growth which recognises the benefit of regionally focussed clusters and growth. With a £117 billion economy and a dynamic talent pool, our region is a critical enabler to driving national progress.
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"Our region is home to many of the growth-driving sectors set out in the strategy - advanced manufacturing, clean energy, and digital and technology to name a few and this marks a significant stride towards putting the right support and investment behind the Midlands.
"The emphasis on skills is promising but targeted incentives to upskill the existing workforce will be vital to help businesses deliver. The commitment to a professional and business services hub should energise digital adoption and skills development.
"The strategy lays strong foundations but turning ambitions into reality depends on swift local action and collaboration.
"A targeted, regional approach will help the Midlands achieve its full potential, driving substantial economic growth and the recognition that business is more than a spectator. It is a key partner poised to shape the future of the Midlands' economy."
Tony Hague is the chief executive of Cheslyn Hay-based PP Control & Automation which makes control panels for machine builders.
He said: "We've waited decades for it and, finally, the Government's Industrial Strategy has been published.
"At first glance, there doesn't appear to be anything new, exciting or 'immediate' in there, with the majority of the much-publicised energy savings not actually coming into play for two years - and only after more consultation.
"I would have liked to have seen bolder plans and the reintroduction of the Manufacturing Advisory Service or something similar which delivered lots of targeted support to SMEs that made an instant and long-term impact.
"But let's look at the positives. I suppose it's a start and the fact it is a ten-year plan gives a bit of added certainty to our sector, unless Labour's tenure in Whitehall is short lived and this strategy is ripped up in the spirit of political posturing.
"It is good to see advanced manufacturing as one of its core sector plans and, finally, it looks like we've woken up to the importance of investing in automation and robotics.
"This new technology makes us quicker, makes us smarter and doesn't replace jobs - if anything it has the opposite impact.
"I desperately want to believe that the Government has finally understood what is required to help make 海角视频 manufacturing truly competitive again.
"We're not after handouts, just a level playing field so we can take on the rest of the world by playing to our strengths. Time will tell."
Helen Collins is Midlands managing director and national head of affordable housing with property agency Avison Young in its Birmingham office.
She said: "Today's announcement is a welcome step toward unlocking the full potential of regional growth across the Midlands.
"Reducing planning timelines and cutting costs for developers will remove long-standing barriers, giving businesses greater confidence to invest and deliver at pace.
"By hiring more planners, streamlining pre-application processes and consolidating environmental obligations, the Government will not only ease pressure on local authorities but also help accelerate the delivery of much-needed housing and infrastructure.
"Crucially, the commitment to accelerating grid connection timelines for major investment projects could be transformational.
"Lengthy wait times remain a major blocker for developers and reducing these delays is essential to unlocking new investment and delivering on the region's growth potential.
"Getting power to a site - and securing it - is also fundamental to enabling any major development to move forward. This is particularly significant for the Midlands, where ambition and demand already exist but the ability to move quickly has too often been missing.
"These reforms offer the clarity and certainty developers and investors need to get significant projects off the ground and support thriving, sustainable communities."