The author writes in his capacity as chair of the industrial strategy council and this article does not necessarily represent the Bank of England’s views

The UK’s business department closed its industrial strategy directorate this month. The council overseeing the strategy (which I chaired) was also abolished. In the UK, industrial strategy is dead.

This marks a clear departure from international practice, with most countries having strengthened their industrial strategies in recent years, a trend accelerated by the exigencies of Covid. It also clearly departs from a model that over the past year has had a truly transformative impact in the UK: its Covid vaccine programme. A report published today by the council, focusing on AstraZeneca’s vaccine, sets out that model’s lasting lessons for future growth.