英国的产业政策：英国

Industrial Policy in the UK Andrew Hodge and Samuel Pienknagura SIP/2025/113 IMF Selected Issues Papers are prepared by IMF staff asbackground documentation for periodic consultations withmember countries.It is based on the information available atthe time it was completed on July 1, 2025. This paper is alsopublished separately as IMF Country Report No 25/205. 2025AUG IMF Selected Issues Paper European Department Industrial Policy in the UKPrepared by Andrew Hodge (EUR) and Samuel Pienknagura (RES) Authorized for distribution by Luc EyraudAugust2025 IMF Selected Issues Papersare prepared by IMF staff as background documentation for periodicconsultations with member countries.It is based on the information available at the time it wascompleted on July 1, 2025. This paper is also published separately as IMF Country Report No 25/205. ABSTRACT:A key challenge facing the UK is to increase growth, which has slowed down markedly since theGlobal Financial Crisis. As part of the government’s approach to this challenge, a new industrial strategy waspublished in June 2025. This paper discusses how to get the implementation of UK Industrial Policy (IP) right,to unlock its potential benefits while navigating the risks involved. IP has some potential to catalyze newinvestment and economic activity in key sectors, but the bar for getting it right is high. IP will only enhanceproductivity if well-targeted at overcoming market failures and the scale of IP is not too large, so as to mitigatepotential distortions that it might introduce. Targeting IP is difficult because market failures are hard to identify,so an evidence-based approach is best, using quantitative metrics, as discussed in this paper. Monitoring theimplementation of IP programs over time, using performance benchmarks to unlock continued funding, isimportant for ensuring IP’s effectiveness and to limit fiscal costs. While IP can be a useful tool, horizontalpolicies and structural reforms, particularly in planning, skills and infrastructure remain the primary vehicles tolift UK productivity and are prerequisites for vertical IP interventions to be successful. The extent of what can beachieved with IP is also likely to be curtailed by the limited space for additional public spending, given high debtand interest costs. RECOMMENDED CITATION:Hodge, Andrew, and Samuel Pienknagura, “Industrial Policy in the UK.” IMFSelected Issues Paper 25/113. Industrial Policy in the UK United Kingdom Prepared by Andrew Hodge (EUR) and Samuel Pienknagura (RES) UNITED KINGDOM SELECTED ISSUES ApprovedByEuropean DepartmentPrepared ByAndrew Hodgeand Samuel Pienknagura (RES) CONTENTS INDUSTRIAL POLICY IN THE UK _____________________________________________________2 A. Introduction: A Resurgence of IP in Advanced Economies ___________________________2B. The Recent History of IP in the UK ___________________________________________________4C. Designing IP: A Conceptual Framework ______________________________________________6D. Successful IP: Lessons from International Experience ________________________________9E. Targeting of UK IP: An Evidence-Based Approach __________________________________12F. Modeling the Impact of UK IP on Productivity _____________________________________14G. Conclusions: Making the New UK IP Strategy Successful___________________________17 FIGURES 1. Industrial Policy: Recent International Trends ________________________________________32. Industrial Policy in the EU ____________________________________________________________43. Public Support for R&D in the UK ____________________________________________________54. Market Failures in the UK __________________________________________________________145. Spillovers and Spillbacks of UK IP __________________________________________________17 TABLES 1. Benefits and Risks of IP_______________________________________________________________82. The Productivity Impact of UK IP ___________________________________________________16 References____________________________________________________________________________26 ANNEXES I. The UK’s National Wealth Fund _____________________________________________________20II. Identifying Market Failures Through Distortion Centrality __________________________22III. A Structural Model of UK IP _______________________________________________________23 INDUSTRIAL POLICY IN THE UK1 A key challenge facing the UK is to increase growth, which has slowed down markedly since the GlobalFinancial Crisis. As part of the government’s approach to this challenge, a newindustrial strategywaspublished in June 2025. This paper discusses how to get the implementation of UK Industrial Policy (IP)right, to unlock its potential benefits while navigating the risks involved. IP has some potential tocatalyze new investment and economic activity in key sectors, but the bar for getting it right is high. IPwill only enhance productivity if well-targeted at overcoming market fai