- Prior to the Autumn Budget 2024, the government published a green paper Invest 2035: the UK's modern industrial strategy, which set out the government’s aim to create long-term, inclusive, secure and sustainable growth and sought views.
- In June 2025, the government published The UK’s Modern Industrial Strategy, which sets out the government’s 10-year plan to make the UK the best place in the world to invest.
- The strategy focusses on eight growth-driving sectors (IS-8), which the government believes offer the highest growth opportunity for the economy and business: Advanced Manufacturing, Clean Energy Industries, Creative Industries, Defence, Digital and Technologies; Financial Services, Life Sciences, and Professional and Business Services. The government has now published bespoke sector plans for seven of the IS-8, with the defence sector plan to follow.
- In relation to tax and trade policy, the strategy:
- reiterates the commitments made in the Corporate Tax Roadmap;
- acknowledges that more can be done to reform and simplify the tax and customs systems, to reduce burdens on businesses and allow them to make long-term investment decisions and continue importing and exporting;
- sets out the government’s commitment to exploring options to further foster a positive, dynamic environment for entrepreneurs and scale-ups and to considering all available levers to deliver change in Autumn Budget 2025 and across the parliament; and
- outlines the government’s commitment to promote free and fair trade through strong international partnerships, as set out in the new Trade Strategy.
- Timing: the UK’s modern industrial strategy is a 10 year plan to 2035. No timescales have been provided for the publication of the defence sector plan.
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