Industrial digitalisation to unlock £455bn

Britain could unlock £455bn over the next decade and create thousands of jobs if it cracks the fourth industrial revolution and carves out a successful post Brexit future.

The findings come from a government commissioned review on industrial digitalisation, led by industry chief Jürgen Maier, the UK and Ireland boss of German engineering giant Siemens.

A deal between government and industry could put Britain at the forefront of new technologies such as robotics, artificial intelligence, 3D printing, augmented and virtual reality, giving a much needed productivity boost and a net gain of 175,000 highly skilled, better paid jobs.

The British Standards Institution welcomed the review to which it provided expert counsel.

Dr Scott Steedman, director of standards at BSI commented, ‘We welcome today’s report and applaud its ambition, but we must be under no illusion that for the UK to secure the full benefits of industrial digital technologies we must maintain our global leadership in standards development.

‘UK industry has an opportunity to not only build tomorrow’s machines, but to pioneer how they are used in innovative ways in design, production, as well as novel services. From the first industrial revolution and the standardisation of basic mechanical components, standards have driven interoperability and productivity, building trust in new technologies and accelerating innovation.

‘We look forward to working with industry, government, consumers and other stakeholders to develop these new standards and to promote their uptake globally through our membership of European and International standards organisations.’