Britain must work hard to remain competitive

Gordon Brown considering new bank to invest in high risk start-ups

The UK cannot afford to fall behind as other countries make plays for high-value markets, the government said today.

Speaking at the launch of Building Britain’s Future – New Industry, New Jobs, a new strategic plan to invest in Britain’s economic and industrial future, business secretary Lord Mandelson said:

“The world’s economy, emerging from the downturn, is set to double in size creating major new opportunities for British business. But global competition is getting tougher and technological change is happening faster.

“We can’t afford to stand back as other countries invest and skill-up to win in high-value markets and sectors.”

Mandelson said the country needed to act if Britain was to succeed in the ‘hi-tech, low carbon economy of the future’.

Part of the new strategy is a focus on making sure high growth innovative companies have access to the finance needed to continue growth.

Speaking at the launch, Gordon Brown said he was considering the introduction of a new bank to invest in ‘more difficult and more risky start-ups for high-technology businesses of the future’.

Mandelson added: “Britain has the skills, resources and knowledge base to do well but the government’s job is to do everything it can to strengthen our competitive position further.

“It’s about creating the best possible conditions in which UK businesses can thrive; removing barriers to success and offering targeted support to unlock new potential in existing and new technologies.”

© Crimson Business Ltd. 2009

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