ACS has welcomed the publication of the Modern Industrial Strategy, released this morning (23rd June) by the Department for Business and Trade.
The Modern Industrial Strategy forms a 10 year plan aimed at making it easier for businesses to invest in the UK, with a particular focus on eight high-growth sectors, which are: advanced manufacturing, defence, clean energy industries, digital and technology, creative industries, financial services, life sciences, and professional and business services.
Commitments announced in the Strategy, which are intended to benefit all businesses investing in the UK, include:
- Expanding access to finance
- Enhancing skills and increasing access to talent
- Reducing regulatory burdens and cutting the administrative costs of regulation for business by 25%
- Removing planning barriers
- Supporting Mayors and local authorities
- Ensuring the tax system supports growth
- Strengthening local business environments across the UK
Figures from the 2024 Local Shop Report show that convenience retailers made record investments in their businesses over the previous year, investing over £1bn in areas like more efficient technology in stores, new services for customers, and security measures to keep colleagues safe.
The convenience sector is also a major UK employer, providing local, flexible jobs for over 445,000 people.
ACS chief executive James Lowman said: “We look forward to working with the Department for Business and Trade on the application of the Modern Industrial Strategy in the convenience sector, finding ways to incentivise investment and reduce regulatory burdens for all businesses whether part of the eight high-growth sectors or not.
“Our members are making the investments into communities that many other sectors will never reach into, and we are often the last remaining provider of products and services in those places. It is vital that government policy focuses on these sorts of businesses and these types of location if we are to achieve economic growth and for its benefits to be felt widely. Every sector needs the right conditions to promote that investment.”
The full Modern Industrial Strategy is available here.
