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British economy “has to be local”: business minister

British economy “has to be local”: business ministerBritain's economy needs an infrastructure and vocational education upgrade to deliver stability to businesses and the government must develop an industrial policy that spreads wealth across the country, business minister Greg Clark said on Tuesday.

In his first major speech to business leaders, Secretary of State for Business, Energy and Industrial Strategy Greg Clark said a successful industrial framework “has to be local.”

“Governments are fond of quoting national figures – of economic growth, of productivity, of employment. But the truth is economic growth does not exist in the abstract… Yet for too long government policy has treated every place as if they were identical. Many of the policies and decisions that form our industrial strategy will not be about particular industries or sectors, but will be cross-cutting,” he said.

Clark also told the annual Institute of Directors convention in London that there has been “enough drama” in the UK.

"We have had enough drama in British politics over the last year - I want us to recover our reputation for stability and predictability as a business environment," Clark added.

Clark said an industrial strategy he was working on with Prime Minister Theresa May would provide stability while improving infrastructure such as roads, railways and Internet and education.
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