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Business

May prepares UK industry for Brexit

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Opening sequence

Business

May prepares UK industry for Brexit

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COMING UP:May prepares UK industry for Brexit

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Transcript

00:00:00
>> Theresa May wants to get involved in British business. The new UK Prime Minister on Tuesday chairing the inaugural meeting of her cabinet committee on industrial strategy. It's intended to come up with ways to boost the country's economic performance. Reuters' political correspondent, Will James, says May is preparing the country for life after Brexit.
00:00:22
>> First of all, it's going to be much more reliant on trading with international partners. And that's a different proposition without having the European Union there. And trading, obviously, works much better when you've got exciting things to sell that nobody else has got. So Britain's looking through this industrial strategy to boost its manufacturing center, its technology center, so that it's got more to say when it comes to international trade and gets a better deal.
00:00:45
>> The move revives a concept killed off by Margaret Thatcher in the 1980s. She saw industrial intervention as fruitless after many firms backed by the government ran into difficulty. Ministers say this time will be different.>> Does this government have an industrial strategy, chancellor?>> But details on the new policy are few and far between.
00:01:06
>> We can look at what Theresa May has said in the past to give us some kind of clues. She's talked about more infrastructure through treasury-backed spending. That's kind of bonds to pay for building new roads, but also more modern things like introducing better broadband coverage and better technology support.
00:01:26
>> The latest economic data pointing to a probable recession. Figures out this week showing a plunge in business sentiment across services, manufacturing, and construction. If it's to head off a downturn, the new look industrial policy may have to prove a big success.