The new modern industrial strategy cannot come quickly enough

We need the commitment of a pro-business environment that provides a firm foundation for investment,

Bookmark
Share

Robert Lloyd-Griffiths

13:05, 30 MAY 2025

The Treasury, run by Chancellor Rachel Reeves will today come under pressure in Parliament over the income tax thresholds — Chancellor Rachel Reeves. (Image: PA)

We all know that an effective strategy is built on a foundation of clear objectives, precise planning, and robust communication. It also requires clarity and commitment.

A good strategy will focus on the biggest problem facing you right now. It should have an element of aspiration but be grounded in evidence. It must reflect reality with clear, measurable and purpose-driven goals. Perhaps most importantly, it requires buy-in.

It鈥檚 now over six months since the 海角视频 Government first promised a ten-year modern industrial strategy. The pledge was that it will deliver the certainty and stability businesses need to invest in the high growth sectors that will drive economic growth in every region throughout the 海角视频.

The long-awaited strategy is due to be published later this month, and it can鈥檛 come soon enough. From the smallest of micro businesses to captains of industry, we need the commitment of a pro-business environment that provides a firm foundation for investment, with a competition and regulatory framework that inspires confidence to invest in innovation, skills, and high-quality jobs.

Stability and long-termism need to be at the heart of the strategy, and it needs to work for Wales by making best use of our unique strengths and untapped potential.

From our natural resources to our thriving professional services sector, we need the right support to seize opportunities and take the lead in new and emerging sectors like floating offshore wind.

It is a focus on high-growth sectors that will create the break that we need to drive growth, improve productivity and create jobs.

I sincerely hope that the input from our members at ICAEW and my friends and colleagues representing business organisations throughout Wales has been used to inform the Government鈥檚 strategy. Together, we have called on the measures that are needed by businesses to succeed 鈥� namely, long-term policies to boost growth, a focus on skills and a security strategy to inject resilience into the economy.

At the time of announcing the development of the modern industrial strategy last November, the Chancellor vowed ambition and targeted plans to unleash the full potential of our cities and regions.

We were told that the industrial strategy will concentrate efforts on places with the greatest potential for our growth sectors: city regions, high-potential clusters, and strategic industrial sites.

This strategy now needs to deliver for the people of Wales, and as with every good strategy that requires buy-in. I sincerely hope that both Welsh and 海角视频 Governments are about to give us the opportunities that we need to make things happen because it is feeling like we鈥檙e sitting in the last chance saloon.

Here at ICAEW, we鈥檝e launched Direction 2030, a new strategy with the aim of enabling people everywhere to do business with confidence. It provides a framework to re-energise the Institute as we move towards our 150th anniversary in 2030 and beyond.

Evolving market dynamics, shifting global trends and emerging technology are bringing some exciting opportunities for our profession. Our new strategy reflects the changing nature of today鈥檚 business environment and provides clarity with specific goals thar are aligned with three key themes of relevance, reputation and resilience. This will enable us to organise our efforts and resources accordingly.

One of the measures of our success will be the success of our members, those who are right at the heart of the economy in communities, regions and cities throughout Wales and the wider 海角视频. Indeed, I look forward to spending time with many of them at our annual conference later this year.

Aptly titled 鈥楾hriving in Transformation鈥�, this year鈥檚 event is back after a sold-out 2024, and it will be bigger and better than ever before. It鈥檚 the go-to event for all Chartered Accountants and it will come at a time when we should be well-underway with the delivery of the Modern Industrial Strategy.

I sincerely hope that Government has listened and that we have a great strategy that addresses the biggest problem we have right now 鈥� turning our economy around. Execution is going to be everything.