The UK economy is headed for strategic change

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The 10 years of stagnation that followed the 2007-2008 global financial crisis has led UK government officials and decision makers to the realisation that the economy needs a new strategic direction. After the crisis, a so-called productivity crisis has unraveled as productivity rates have also plummeted. In particular, the UK’s industrial strategy, that used to be regarded as a relic of the 1970s, is now being given spotlight. In December 2017, the Industrial Strategy Paper is expected to be published. The new strategy has to focus on the role of science and technology and how the two can be utilised to end the productivity crisis.