British Prime Minister Burnham: Promoting innovation-driven “re-industrialization”

China News Service, London, October 9 (Reporter Ouyang Kaiyu) British Prime Minister Burnham delivered a speech at the Innovation Nations Conference in Manchester on the 9th, proposing to promote innovation-driven "re-industrialization" in an attempt to solve structural problems such as long-term low productivity and regional economic imbalances in the UK.

Burnham pointed out that the British economy has long-term shortcomings. Economic growth is concentrated in a few core cities such as London. Local industries lack momentum. Local start-ups often choose to go overseas for financing during the expansion stage. He believes that relying on innovation to drive industrial recovery can drive investment, create jobs, narrow the economic gap between regions, and increase the UK's potential economic growth.

To achieve this goal, the British government plans to promote more capital flows to local high-growth companies, open up channels between domestic capital and science and technology innovation industries, and retain high-quality companies. At the same time, we will reform non-competition rules, lower the threshold for talent mobility and entrepreneurship, and unleash the vitality of the labor market. The government will guide industrial investment to relatively weak economic areas such as northern England, changing the pattern in which economic resources are highly concentrated in the capital.

Burnham said that in the context of intensifying global technology competition, the UK needs to create a more friendly business and regulatory environment to attract global talents and capital. He said that this innovative strategy will serve as a pillar for the long-term growth of the British economy and lay the direction for the upcoming government budget.

British media said that the market will pay close attention to the government's follow-up fiscal plan and evaluate whether its industrial investment plan can be implemented within the limited fiscal space to truly boost long-term economic output. (over)