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<p>Raising labour productivity is at the heart of the Government’s Modern Industrial
Strategy. The strategy aims to improve labour productivity by encouraging innovation,
developing high quality jobs, supporting UK businesses and fostering growth in all
parts of the UK.</p><p> </p><p>A year into the Industrial Strategy we have made significant
progress towards these goals, including:</p><ul><li><strong>Investing substantially
in skills </strong>– We are designing a National Retraining Scheme to support adults
impacted by automation, investing £406 in STEM and technical education for people
of all ages as well as introducing new T levels to provide a technical alternative
to A levels, in addition to our reforms to apprenticeships.</li><li><strong>The biggest
increase in R&D funding ever</strong> – we have committed an extra £7bn by 2023/24,
including £2.7bn already allocated to innovative programmes supporting industry and
researchers through the Industrial Strategy Challenge Fund.</li><li><strong>Record
investment in infrastructure with £37bn committed through the National Productivity
Investment Fund by 2023/24.</strong> This includes £2.45bn for Transforming Cities
and £1bn in digital infrastructure.</li><li><strong>Publication of Nine Sector Deals</strong>,
supporting billions in investment from the public and private sector and important
sectoral reforms on issues such as technology diffusion and workforce diversity. A
further three deals are being negotiated.</li><li><strong>Announcement of the first
‘missions’ under the Grand Challenges,</strong> aiming to galvanise action on ambitious
and specific goals in AI & Data, Clean Growth, the Future of Mobility and Ageing
Society. This includes a second clean growth mission to decarbonise industrial clusters.</li></ul>
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