Business leader welcomes Government's business strategy

The £725m will go into a fund over the next three years, on top of previously announced £1bn towards projects, although ministers said around £80bn could be invested in advanced technology in the next decade.

Babs Murphy, chief executive of the North and Western Lancashire Chamber of Commerce said: “We have been working with the government to develop the Industrial Strategy, and we are pleased that the concerns and ideas of business communities across the country have been listened to.

“We share the Government’s vision for a stronger economy and fairer society which is spread across every community in our United Kingdom, not just the most prosperous places in London and the South East.

“Businesses will now want to see clear evidence that this Industrial Strategy can be implemented over the long term as the UK has demonstrated time and again that it is not good at sustaining long term policies.

“The government must ensure they seek joined up cross party buy in if the Industrial Strategy has any chance to become sustainable and succeed in the long term.

"We believe that the strong integration of cross strategy themes such as stimulating productivity, growth and exports; investment in research; investment in innovation; investment in infrastructure; attracting and retaining a skilled, fit for purpose workforce are fundamental linkages in the Industrial Strategy.

“Lancashire possesses inherent strengths in advanced manufacturing and engineering, coupled with the opportunities presented by shale gas and the diverse energy sector that exists, Lancashire has the potential of regaining its role as a national economic powerhouse.

“We have a strong energy sector including renewables and so there is plenty of opportunity to build on this using shale gas as the catalyst – “Lancashire’s energy coast”.