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The U.K. government launched a new strategy for industry, which aims to intercede in key sectors in order to deal with weak productivity and support businesses to counter problems caused by Brexit.
Prime Minister Theresa May initially flagged the plan in January, adopting a hands-on approach to business that had been abandoned by her predecessors.
The British government recently announced it secured a major investment from global healthcare company Merck & Co (MSD) in the United States. MSD intends to create 150 new research roles and is evaluating locations in the London area.
Life sciences is one of four sectors that the government is eyeing, which will also focus on construction, artificial intelligence and the automotive industry.
According to Business Minister Greg Clark, the new industrial strategy will bolster infrastructure and the business environment in order to improve productivity.
Britain's budget forecasters have lowered the country's growth estimates for the next five years, mostly due to reduced expectations for productivity.
Brexit remains the largest concern for British firms and multinationals with operations in Britain, as they have repeatedly called for clarity on how Brexit will work. However, negotiations with the European Union have made slow progress, and the government has only been able to reiterate its plan to seek a transition deal as soon as possible.
