Theresa May's 'industrial strategy' to support five key sectors

Theresa May will set out her much vaunted "industrial strategy" today, focusing support on five key sectors and promising funding for innovative industries and to boost "technical" education.

The plans will be announced after the Prime Minister's first cabinet meeting outside of London. Symbolically, ministers are meeting in the North-west, birthplace of the industrial revolution and home to many of Britain's more deprived areas.

In a break with the more laissez-faire economic approach that has characterised the Conservative Party since Thatcher, May's plan will set out "special government support" for particular sectors.

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Government will "deregulate, help with trade deals or create new institutions to boost skills or research", says The Guardian.

But these sector deals will not involve any new immediate funding, Business Secretary Greg Clark told the Financial Times.

This support will initially concentrate on five key sectors - life sciences, low-carbon vehicles, industrial digitalisation, creative industries and nuclear - and others will get similar support if they can organise themselves and make the case for action.

Money will, though, be made available in the form of a "challenge fund" to bolster "research and development in areas such as smart energy, robotics and artificial intelligence, and 5G mobile network technology", the Guardian adds.

In addition, £170m is being set aside to extend "technical" education through the roll out of "institutes" specialising in science, technology and engineering courses, says the FT.