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Theresa May's 'Modern Industrial Strategy'

Jonny Clark

23rd January 2017

It may be worth reminding students that this year's exams were probably written before Theresa May became Prime Minister and, as such, she's unlikely to get a mention in any questions (I could be wrong, of course!). However, any Economics student worth their salt will be using the alterations in economic strategy that is now emerging in the UK as examples of various types of policies (whether demand or supply-side) in response to questions asked.

Theresa May appeared on the Andrew Marr programme over the weekend and, along with her take on the two big news stories of the last 12 months (Brexit and Trump) gave some ideas about the plans that the new administration have going forward. As always, we should encourage students to move beyond the stock answer of 'changing direct and indirect taxation' and 'use of subsidies' as responses to questions set and May has given a couple of decent examples that students can use.

In the interview she talks a little about an extension of the 'specialist maths schools' programme aimed at improving numeracy and engineering skills throughout the UK and the support (through some deregulation) of some of the STEM industries - highlighting the UK's world leadership in the development of batteries.

We're also seeing here the beginnings of 'Mayism' - an approach that suggests that the benefits of economic growth can only be felt evenly throughout the economy if the government intervenes in some way.

The Youtube clip below is of the entire 15 minute interview but the point at which May is discussing this strategy starts at exactly 5 minutes in.

Jonny Clark

Jon Clark has been teaching economics and business studies for over 25 years primarily in the Further Education sector. Before joining tutor2u, he was a senior manager at South Cheshire College in Crewe.

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