Martin Wolf rightly says “the UK economy has an innovation — and so growth — crisis” (Opinion, February 22). But the UK also has a governance crisis.
For decades it has sat on its hands as the crown jewels of British industry were sold to foreign buyers or split up and the parts sold separately. Theresa May’s government in 2016 seemed to mark a departure when it oversaw the establishment of the Department for Business, Energy and Industrial Strategy (BEIS) and publication of a landmark white paper on industrial strategy in 2017.
Results have been thin, for three reasons. First, the Treasury has long been opposed to the idea of industrial strategy. It presides over BEIS.
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