Economy - - Nov 28,2017
On Monday, Britain pitched a new strategy related to its industrial setup which focuses on greater state intervention for handling weak productivity.
According to Business Secretary Greg Clark, U.K's decision to exit the European Union pointed out an urgent need for a strategy which should be given topmost prominence. This industrial strategy is aimed at motivating growth, which is projected to slow down as a result of U.K's poor productivity performance.
The government; however, revealed it has held major investments from MSD, global healthcare company known as Merck & Co in the United States, together with German-based diagnostics firm Qiagen.
The investment by MSD is estimated to be worth up to £1bn; this is expected to generate 950 jobs in the country. This news has come as a great relief for the government, which called it as "a huge vote of confidence" considering its efforts to boost the economy post-Brexit.
MSD said it observed Britain as a world-leader in the field of science. However, as per a spokeswoman, Brexit did raise few “real concerns” associated with the drug regulation, supply chain and the capacity to attract talent to Britain.
Clark also added that Britain holds some of the world’s best universities as well as research institutions. Moreover, the possession of several leading companies in diverse sectors ranging from manufacturing to creative industries, financial services, and life sciences does make U.K a vital business-centric region in the EU.
As per forecasts by the International Monetary Fund, Britain’s economy is anticipated to grow by 1.5 percent by the end of 2018; this is fairly weaker by almost 2.0 percent as compared to the world’s advanced economies.