LABOUR pledged yesterday to become the home of industrial strategy in response to the government’s plans to rip up its own commitment to the sector.

The government has repeatedly let down industry throughout the Covid-19 crisis, Labour warned.

Last week, Business Secretary Kwasi Kwarteng shut down the Industrial Strategy Council, the government’s in-house think tank aimed at regenerating Britain’s hard-pressed regions.

Shadow business secretary Ed Miliband criticised Mr Kwarteng’s “allergy to industrial policy” and the government’s “devotion to the market,” which has seen key sectors unsupported during the Covid-19 crisis and taxpayers’ money spent without conditions on companies that have closed Britain’s plants and cut jobs. 

Mr Miliband said: “Ministers have talked the talk on industrial strategy, but the Budget failed to deliver and now their true agenda has been revealed.

“At a time when we need to be strengthening our industrial strategy and make it work, the government decides we don’t need one.

“Labour believes in the power of industrial policy, and would work with businesses and workers to grow industry, create wealth and jobs, and tackle the issues facing our society. 

“This government’s dangerous dogma will take us backwards – and will damage businesses and jobs.”