The new modern industrial strategy cannot come quickly enough

We all know that an effective strategy is built on a foundation of clear objectives, precise planning, and robust communication. It also requires clarity and commitment. A good strategy will

focus on the biggest problem facing you right now. It should have an element of aspiration but be grounded in evidence. It must reflect reality with clear, measurable and purpose-driven

goals. Perhaps most importantly, it requires buy-in. It’s now over six months since the UK Government first promised a ten-year modern industrial strategy. The pledge was that it will

deliver the certainty and stability businesses need to invest in the high growth sectors that will drive economic growth in every region throughout the UK. The long-awaited strategy is due

to be published later this month, and it can’t come soon enough. From the smallest of micro businesses to captains of industry, we need the commitment of a pro-business environment that

provides a firm foundation for investment, with a competition and regulatory framework that inspires confidence to invest in innovation, skills, and high-quality jobs. Stability and

long-termism need to be at the heart of the strategy, and it needs to work for Wales by making best use of our unique strengths and untapped potential. From our natural resources to our

thriving professional services sector, we need the right support to seize opportunities and take the lead in new and emerging sectors like floating offshore wind. It is a focus on

high-growth sectors that will create the break that we need to drive growth, improve productivity and create jobs. I sincerely hope that the input from our members at ICAEW and my friends

and colleagues representing business organisations throughout Wales has been used to inform the Government’s strategy. Together, we have called on the measures that are needed by businesses

to succeed – namely, long-term policies to boost growth, a focus on skills and a security strategy to inject resilience into the economy. At the time of announcing the development of the

modern industrial strategy last November, the Chancellor vowed ambition and targeted plans to unleash the full potential of our cities and regions. We were told that the industrial strategy

will concentrate efforts on places with the greatest potential for our growth sectors: city regions, high-potential clusters, and strategic industrial sites. This strategy now needs to

deliver for the people of Wales, and as with every good strategy that requires buy-in. I sincerely hope that both Welsh and UK Governments are about to give us the opportunities that we need

to make things happen because it is feeling like we’re sitting in the last chance saloon. Here at ICAEW, we’ve launched Direction 2030, a new strategy with the aim of enabling people

everywhere to do business with confidence. It provides a framework to re-energise the Institute as we move towards our 150th anniversary in 2030 and beyond. Evolving market dynamics,

shifting global trends and emerging technology are bringing some exciting opportunities for our profession. Our new strategy reflects the changing nature of today’s business environment and

provides clarity with specific goals thar are aligned with three key themes of relevance, reputation and resilience. This will enable us to organise our efforts and resources accordingly.

One of the measures of our success will be the success of our members, those who are right at the heart of the economy in communities, regions and cities throughout Wales and the wider UK.

Indeed, I look forward to spending time with many of them at our annual conference later this year. Aptly titled ‘Thriving in Transformation’, this year’s event is back after a sold-out

2024, and it will be bigger and better than ever before. It’s the go-to event for all Chartered Accountants and it will come at a time when we should be well-underway with the delivery of

the Modern Industrial Strategy. I sincerely hope that Government has listened and that we have a great strategy that addresses the biggest problem we have right now – turning our economy

around. Execution is going to be everything. * Robert Lloyd Griffiths is Wales director of the ICAEW.