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Economic Policies since the Global Financial Crisis pp 221–263Cite as

Palgrave Macmillan

Back to the Future? UK Industrial Policy After the Great Financial Crisis

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Part of the book series: International Papers in Political Economy ((IPPE))

Abstract

In the aftermath of the Global Financial Crisis (GFC) (2008), debates began to shift towards perspectives on the ‘rebalancing’ of mature economies with a particular emphasis on promoting more sustainable productive activities. In the UK, this led to an initial acceptance—among some policy-makers—that the state could in a positive way utilise ‘industrial policy’ to revitalise manufacturing. However, while some of the early industrial policy initiatives—such as the Automotive Council and the Catapults—have been promising, the Coalition and then Conservative government’s stance on industrial policy has been at best ‘muddled’ and at worst is often ‘empty rhetoric’. In this chapter, we explore and evaluate the role of UK industrial policy since the GFC, paying particular emphasis on initiatives at technological, regional and sectoral levels. We conclude with some suggestions for the future course of UK industrial policy, in the post-Brexit era, given the government’s recent green paper.

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Notes

  1. 1.

    The comparative success of Japan is interesting. Japanese industrial policy was largely lauded for its role in developing a modern high-tech industrial economy, with the country nurturing prominent and (globally) successful national champions such as Toyota and Sony (Johnson 1982). This was largely achieved in an era when the Japanese state was able to exert close strategic control over its companies and industrial base. As (global) markets opened up, these ‘national champions’ began to increasingly move their operations off-shore, leading to concerns of a hollowing out of the country’s industrial base in the 1990s–2000s (Cowling and Tomlinson 2000, 2011b; Tomlinson 2002).

  2. 2.

    For further details of the EU Regional Development and Cohesion Funds and how these funds are allocated and programmes evaluated see http://ec.europa.eu/regional_policy/index.cfm/en/.

  3. 3.

    UK industry has long been over-reliant upon short-term (equity) capital, where there is an over-prevalence of investment incentives favouring short-term (equity) market movements at the expense of financing long-term investment, support for growing SMEs and long-term value creation (see Kay Review 2012, and also Sawyer 2015). The UK Treasury is currently undertaking a new review into patient finance which is being led by Sir Damon Buffini (The Telegraph, 21/11/2016).

  4. 4.

    Details from https://www.gov.uk/government/organisations/innovate-uk/about (accessed 10/3/2017).

  5. 5.

    For further details, see https://catapult.org.uk/.

  6. 6.

    Available at: http://smartspecialisationhub.org/observatory/.

  7. 7.

    This section draws on Bailey et al. (2016).

  8. 8.

    At this point, it is worth mentioning the Coalition government (2010–2015) commissioned the Heseltine Review (2012), led by the Conservative peer, Lord Michael Heseltine, who has long been a champion of industrial policy . This report focused upon generating local growth (across the country) and among other things, called for a large £49 billion transfer of central government funding to a Single Local Growth Fund over a four-year period. While a number of small recommendations were accepted/partially accepted by the government, the Treasury largely blocked its major ambitions allocating just £2 billion for 2015/16 as well as in subsequent year of the 2015–20 Parliament (1/6th of that recommended) for local growth initiatives. The implementation has been described as ‘disappointingly timid’ (see Coffey and Thornley 2015).

  9. 9.

    As one leader of a combined authority stated to us in an interview, ‘ LEPs talk place but BIS talks sectors’.

  10. 10.

    Indeed, concerns have been raised that any deal with the USA is likely to be detrimental to UK interests. Tariffs are already low between the countries, and any deal is likely to give greater opportunities to US corporations to manipulate and expropriate contracts in UK public services, including the NHS.

  11. 11.

    Whether Dr Liam Fox, the International Trade Secretary, and/or David Davis, the Brexit Secretary, agree with this position is another matter.

  12. 12.

    Most recently the 2017 Budget committed £270m to supporting a range of disruptive technologies including driverless cars and battery technology (HM Treasury, 2017).

  13. 13.

    We are grateful for discussions with Lisa De Propris, Philip McCann and Paul Hildreth in relation to the points below in this sub-section.

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  1. Aston Business School, University of Aston, Birmingham, UK

    David Bailey

  2. Institute of Policy Research, School of Management, University of Bath, Bath, BA2 7AY, UK

    Philip R. Tomlinson

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    Philip Arestis

  2. University of Leeds, Leeds, United Kingdom

    Malcolm Sawyer

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Bailey, D., Tomlinson, P.R. (2017). Back to the Future? UK Industrial Policy After the Great Financial Crisis. In: Arestis, P., Sawyer, M. (eds) Economic Policies since the Global Financial Crisis. International Papers in Political Economy. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-60459-6_6

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