IMF-英国的产业政策：英国（英）

IMF Selected Issues Papers are prepared by IMF staff as background documentation for periodic consultations with member countries. It is based on the information available at the time it was completed on July 1, 2025. This paper is also published separately as IMF Country Report No 25/205. 2025 AUG Industrial Policy in the UK Andrew Hodge and Samuel Pienknagura SIP/2025/113 ©2025 International Monetary Fund SIP/2025/113 IMF Selected Issues Paper European Department Industrial Policy in the UK Prepared by Andrew Hodge (EUR) and Samuel Pienknagura (RES) Authorized for distribution by Luc Eyraud August 2025 IMF Selected Issues Papers are prepared by IMF staff as background documentation for periodic consultations with member countries. It is based on the information available at the time it was completed 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 the Global Financial Crisis. As part of the government’s approach to this challenge, a new industrial strategy was published 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 new investment and economic activity in key sectors, but the bar for getting it right is high. IP will only enhance productivity if well-targeted at overcoming market failures and the scale of IP is not too large, so as to mitigate potential 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 the implementation of IP programs over time, using performance benchmarks to unlock continued funding, is important for ensuring IP’s effectiveness and to limit fiscal costs. While IP can be a useful tool, horizontal policies and structural reforms, particularly in planning, skills and infrastructure remain the primary vehicles to lift UK productivity and are prerequisites for vertical IP interventions to be successful. The extent of what can be achieved with IP is also likely to be curtailed by the limited space for additional public spending, given high debt and interest costs. RECOMMENDED CITATION: Hodge, Andrew, and Samuel Pienknagura, “Industrial Policy in the UK.” IMF Selected Issues Paper 25/113. JEL Classification Numbers: L50, L52, L59, O40 Keywords: Industrial policy; United Kingdom; Productivity; Growth Author’s E-Mail Address: ahodge@imf.org; spienknagura@imf.org SELECTED ISSUES PAPERS Industrial Policy in the UK United Kingdom Prepared by Andrew Hodge (EUR) and Samuel Pienknagura (RES)1 1 The authors would like to thank Kristina Kostial, Daria Zakharova, Luc Eyraud, Romain Duval, Florence Jaumotte, Aleksandra Zdzienicka, Sergio Rodriguez, Oliver Exton, Maximilien Queyranne,