Industrial strategy "lacking in the UK", says Sussex economist
Mariana Mazzucato, Professor of Economics and Chair in Science and Technology Policy at the University of Sussex, told BBC Radio 4’s ‘Today’ programme that a coherent industry strategy, supporting innovation and productivity, has been "lacking in the UK" in the last 10 years.
In the this morning (Tuesday 6 March) with presenter Evan Davis, Professor Mazzucato said it is not about the government "picking winners" but rather following in the footsteps of countries like China, Finland, South Korea and Germany - investing huge amounts in new sectors such as new-energy cars, IT and energy-saving technology.
The lesson from Silicon Valley, she said, was that "courageous, bold, government funding" led the way when the private sector was too cautious to invest.
Professor Mazzucato was speaking ahead of a conference today of manufacturers’ organization the EEF, where the Secretary of State for Business, Innovation and Skills, Vince Cable MP, and the Labour leader Ed Miliband MP set out their visions for UK industry.