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Prime Minister Theresa May meets local business leaders at Ski-Tech in Daresbury The fund is part of 4.7bn in additional funding for research and development first announced in November. Business Secretary Greg Clark told the BBC that the government was staging a "consultation on what should be our priorities for a long-term industrial strategy". He said the UK had some of the best universities in the world, but people had not had the alternative to learn practical skills. "For many years, we have not been as good on technical education as our competitors," he said. Welcoming the new strategy, the director-general of the CBI, Carolyn Fairbairn, said: "It must help fix the country's productivity problems and remove the regional inequalities that have dogged our country for generations, having a positive impact on living standards, wages and the future opportunities of many people." Image copyright Getty Images Business will get a chance to consult on the industrial strategy proposals. The Institute of Directors said the strategy must concentrate on skills and infrastructure, not cash injections. "It is painful to watch established businesses fail, but the government should be very sceptical of its power to keep struggling companies going through cash payments," said James Sproule, director of policy at the IoD. "Instead, the focus should be on retraining anyone who becomes unemployed, so that communities can adapt to changes in the economy." 'Too little' But Labour's shadow business secretary, Clive Lewis, questioned how much money the government was investing in the strategy: "We await further detail, but what's been announced so far will fall far short of getting us back to where we were in 2010, let alone equip our economy for the challenges of the 21st Century." The government has stated its aim of reducing the UK economy's reliance on the services sector, especially financial services, over the past few years, leading to former Chancellor George Osborne's plans to create a Northern Powerhouse. The challenge has come into greater focus as the UK faces negotiating a new economic relationship with the European Union. Analysis: Simon Jack, BBC business editor If we have learnt anything about "Mayism" it's that she doesn't think the benefits of business success will percolate through the country without a bit of a push from government.

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