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<p>Innovation and skills will play a vital role in the regeneration of local economies.
However, they are only part of the picture in the regeneration of local economies.
We are considering how we can support the UK create good jobs, tackle weak growth
and productivity, level-up our regions to deliver a UK economy which is stronger,
cleaner, more sustainable and more resilient.</p><p> </p><p>As we look to build back
better, it is crucial that we listen to what business is telling us about what they
need and how Government should approach recovery and renewal. Last week, my Rt. Hon.
Friend the Secretary of State led a series of roundtables, bringing together businesses,
business representative groups and leading academics to consider the measures needed
to support the UK’s economic recovery from Covid-19. The insight gathered through
these roundtables will help identify ways in which Government can work together with
business and other stakeholders to support a green and resilient recovery, and ensure
the UK is at the forefront of new and emerging industries.</p><p> </p><p>Innovation
and Research & Development (R&D) play a crucial role in supporting local economies
to recover and renew. The Government is committed to increasing R&D investment
across the economy to 2.4% of GDP by 2027, building on existing strengths in areas
with high potential for future growth, and providing innovation-led support in less
R&D intensive regions to support their continued growth. The Department for Business,
Energy and Industrial Strategy (BEIS), working together with the Ministry for Housing,
Communities and Local Government (MHCLG), is engaging with local partners to assess
the current impacts being felt in local economies to build a strong understanding
of how investment in research and innovation will contribute to the regeneration of
local economies going forward through the development of local recovery plans and
an ambitious R&D Place Strategy.</p><p> </p><p>Matching high quality skills provision
with local economic need is crucial to improving regional productivity and contributing
to the regeneration of local economies. The Government takes a multi-faceted approach
to addressing this challenge.</p><p> </p><p>In response to the impact of Covid-19
on national and local economies, the Department for Education (DfE) is developing
proposals that target skills support at those who will be hardest hit. Any new support
will flex in response to local demand and will assist places in their economic recovery.</p><p>
</p><p>DfE has also established Skills Advisory Panels (SAPs) working with Local Enterprise
Partnerships (LEPs) and Mayoral Combined Authorities (MCAs). These have helped places
to identify local skills priorities, based on analysis of the local area, and agree
how these will be met through local education and training provision. The Secretary
of State for Business, Energy and Industrial Strategy is also working closely with
my Rt. Hon. Friend the Secretary of State for Education on the developing skills proposals.
Through this work Government is continuing to work with local areas to identify local
labour market priorities and enable an effective response.</p>
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