An accountancy firm has welcomed an announcement about plans for a new UK industrial strategy.

MHA, which has an office in Kendal, has been urging the government to reveal a new industrial strategy for many months.

Chancellor Rachel Reeves announced at the Labour Party conference in Liverpool that one would be revealed alongside the budget on October 30.

Labour’s first budget since being elected will be announced on October 30. Ms Reeves said the government’s industrial strategy will be published in Green Paper form at the same time.

Speaking at the Labour Party conference, Ms Reeves said the new industrial strategy would be one that "can help unlock investment, create jobs and deliver prosperity" and "make Britain the best place in the world to start and grow a business."

The formal plan will then be launched in spring 2025.

Ginni Cooper, partner in the manufacturing team at MHA, said: "The announcement from Rachel Reeves on the launch of the new industrial strategy will come as very welcome news to the manufacturing industry in the North West.

"Manufacturers have long called for this to address challenges within the sector relating to skills and the inability to plan long-term due to changing government priorities, taxation rules, including those relating to investment and R&D, and legislation, including that which affect trading with Europe.

"We also need the industrial strategy to address how to encourage much-needed overseas investment that the UK manufacturing sector requires to allow it to grow to its full potential.

"However, as we have said previously, while this is a step in the right direction, the devil as always will be in the detail when the strategy is announced in full next month."