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«EU INDUSTRIAL POLICY: ASSESSMENT OF RECENT DEVELOPMENTS AND RECOMMENDATIONS FOR FUTURE POLICIES STUDY Abstract Following disregard in the 1980s, ...»

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 EC (2014): Reindustrialising Europe, Member States’ Competitiveness Report 2014, SWD (2014) 278, DG Enterprise and Industry, the European Commission, Brussels.

 EC (2014b): EU Cohesion Funding – Key Statistics, DG Regio, The European Commission, Brussels, accessed on 16 October 2014, http://ec.europa.eu/regional _policy/thefunds/funding/index_en.cfm.

 Égert, B., & Goujard, A. (2014). Strengthening Competition in Poland. Organisation for Economic Co-operation and Development iLibrary, June 2014.

 Gregory, P., & Stuart, R. (2013). The Global Economy and Its Economic Systems.

Cengage Learning.

 Gwosdz, K., Jarczewski, W., Huculak, M., & Wiederman, K. (2008). Polish Special Economic Zones: Idea versus Practice. Environment and Planning. C, Government & Policy, 26(4), 824.

 Jensen, C., & Winiarczyk, M. (2014). Special Economic Zones–20 Years Later. CASE Research Paper, (467).

 Jensen, C. (2014). Poland: Economy. Europa Surveys of the World. Routledge.

 Jensen, C. (2001). Foreign Direct Investment and Technological Change in Polish Manufacturing, 1989-98. Syddansk Universitetsforlag.

 Kornai, J. (1992). The Socialist System: The Political Economy of Communism: The Political Economy of Communism. Oxford University Press.

 KPMG (2009): A Guide to Special Economic Zones in Poland, KPMG Sp. Zoo., Warsaw.

 OECD (2014): OECD Economic Surveys: Poland, Organisation for Economic Cooperation and Development iLibrary, March 2014.

 OECD (2014): Statistical Profile of Poland, Organisation for Economic Co-operation and Development iLibrary, 9 September 2014.

 Poznański, K. (1986). Economic Adjustment and Political Forces: Poland since

1970. International Organization, 40(02), pp. 455-488.

 Poznanski, K. Z. (1993). Stabilization and Privatization in Poland. Boston: Kluwer Academic Publishers.

 Poznański, K. (1996). Poland's Protracted Transition: Institutional Change and Economic Growth, 1970-1994 (Vol. 98). Cambridge University Press.

 Rainnie, A., & Hardy, J. (1995). Desperately Seeking Capitalism: Solidarity and Polish Industrial Relations in the 1990s. Industrial Relations Journal, 26(4), pp. 267-279.

104 PE 536.320Policy Department A: Economic and Scientific Policy

 Sanford, G. (2012). Poland: the Conquest of History. Routledge.

 Shabad, G., & Slomczynski, K. M. (2011). Voters’ Perceptions of Government Performance and Attributions of Responsibility: Electoral Control in Poland. Electoral Studies, 30(2), 309-320.

 Sluzarczyk, Beata (2009): Horizontal Industrial Policy in Poland, Annales Universitates Apulensis Series Oeconomica Vol. 11, No. 2, pp. 910-917.

 UN (2013): International Trade Statistics Yearbook, United Nations, Trade Statistics Division, New York.

 WEFO (2014): The Global Competitiveness Report 2013-14, The World Economic Forum, Geneva.

 Wyznikiewicz, Bohdan (2013): Polish Small and Medium-Sized Enterprises on the Road to Modernity, the Gdansk Institute for Market Economics.

 World Bank (2014): World Development Indicators, The World Bank, Washington D.C.

 WTO (2014): Country Profile: Poland, World Trade Organisation, March 2014, http://stat.wto.org/CountryProfile/WSDBCountryPFView.aspx?Country=GR&Language=S.

 Interviews Director Daria Kulczycka, Department for Energy and Climate Change, Polish Confederation of Private Employers, Lewiatan, http://konfederacjalewiatan.pl/en.

–  –  –

Main policy challenges and guiding principles underlying the formulation of an industrial policy The UK is now very actively involved in the formulation of an industrial policy or what the UK government announces as the country’s official ‘industrial strategy’ (BIS, 2014, House of Commons, 2014). The revival of industrial policy in the UK in the aftermath of the financial crisis can be seen as a reflection of lessons learned from past waves of industrial policy in the UK (Crafts and Hughes, 2013).

A series of labour governments in the 1950s and 1960s left the country with the perception of a history of picking winners that had gone wrong. Margaret Thatcher phased out the selective policies in the 1970s and horizontal policies were also downsized with privatisation, the main priority in the 1970s and 1980s. A renewed focus was placed on more traditional measures of competitiveness, such as monetary and exchange rate policy (Griffiths and Wall, 2004).

After EU membership in 1973 state aid fell considerably from 3.8% of manufacturing GDP to less than 1% (Crafts and Hughes, 2013). With EU membership also followed a strengthening of competition policy and an abandonment of protectionism. Labour governments since the late 1990s have introduced strengthened measures of R&D policy intact to the Thatcher stance of minimalist horizontal industrial policy combined with traditional monetary and exchange rate policy (Griffiths and Wall, 2004). Investments in public goods vital to private enterprise suffered the most during these decades. In the twenty-first century there has been a strong shift towards emphasising innovation and SMEs in the UK, and in particular targeting their barriers to growth via factor markets (access to finance and skills) (Crafts and Hughes, 2013, EC, 2014).





In recent years and especially in the aftermath of the financial crisis, the main challenge for UK competitiveness has been a slowdown in productivity, investment, trade and the overall growth of the business sector. Impetus, in terms of employment growth and innovation, is described as having shifted from larger firms to SMEs over the period of transition towards the UK opening up to much freer competition on world markets (BIS, 2012a). Hence, a particular challenge for policy seems to be the redirection of

106 PE 536.320Policy Department A: Economic and Scientific Policy

initiatives to the new population of firms that drive growth. In this respect a major problem in the UK is the relative decline in business sector spending on R&D, making the UK the second lowest performer in R&D intensity in the G7 (BIS, 2012a, EC, 2014). This has encouraged the UK put a strong focus on R&D tax incentives for businesses in an initiative that is described in more detail below.

Principal measures and arrangements The aim of the current industrial strategy in the UK is to build confidence in the UK economy and to secure investment and growth. Specifically the government has the

following objectives (BIS, 2014, House of Commons, 2014):

i. to develop strategic partnerships between government and industry;

ii. to support emerging technologies;

iii. to improve access to finance for businesses;

iv. to work with businesses to help them develop the skills businesses need;

v. to publish government contracts (e.g. for public procurement) in order to provide confidence for business investment.

The key documents that spell out these strategies are: The Plan for Growth (BIS, 2011), the Growth Review (BIS, 2010), and Lord Heseltine’s report on UK Competitiveness entitled ‘No Stone Unturned’ (BIS, 2012b). Most of the above measures work by using direct subsidies, creating improved finance access schemes, education or developing publicprivate partnerships. Subsidies are estimated to be a minor element except for land and industrial development in the more rural areas. The exact size of the budget for this type of state aid is unknown. Overall state aid in the UK is at the low end of spending in the EU at around 0.3% of GDP.

A specific report spells out the priorities related to the more sectoral aspects of the current UK industrial strategy (BIS, 2012c). Sectors under priority for government subsidies, investments and private-public partnerships include advanced manufacturing activities such as aerospace, automotives and life sciences, knowledge-intensive trade services, and enabling sectors such as energy and construction.

Most of these measures are horizontal in character and broadly target the different domains of industrial policy. In addition there is a specific R&D tax incentive scheme in place in the UK (as described below) that is administered by the Department for Revenue and Customs (RC, 2014), and the initiative of April 2012 to build special economic zones in the UK (Communities, 2014).

The zones initiative focuses on the domain of land development in relation to securing regional cohesion in the UK, whereas the other horizontal initiatives residing under the BIS economic zones initiative are organised by the Department for Communities and Local Government. The specific instruments used in relation to the zones initiative involve various tax reliefs, the most important being up to 100% business rate discount for the first five years, and in addition up to 100% enhanced allowances on initial capital expenditures (Communities, 2014).

Example of a relevant policy initiative Since the late 1990s the UK has operated a scheme of R&D incentives that targets both the intensive (existing R&D spenders or large firms) and extensive (new R&D spenders or SMEs) margin of innovation (RM, 2014)

–  –  –

As of April 2012 SMEs can apply for a super deduction with up to 225% relief (up from 150% since 1 April 2008) from corporate taxation owing to R&D expenditure. In practice no minimum or maximum applies. The SME scheme (under this scheme a firm is considered an SME as long as it has fewer than 500 employees) has higher rates of relief. Effectively this means that for every £100 of R&D expenditure the company can save up to £225 in income tax. In some circumstances a credit is also payable, but at a maximum of £25 per £100 spent on R&D, and if the firm is making a loss.

If the company is not an SME it can apply for a super deduction (but never a credit) under the large company scheme. Large companies have to spend at least £10,000 a year on qualifying R&D costs. The rate has been 130% for large companies since 1 April 2008.

Losses can be carried forwards and back.

To benefit from the R&D tax relief the company applying for it must make the case that the R&D investment is de facto targeting scientific and technological advance or innovation that goes beyond the firm itself, e.g. the investment should qualify in principle as an innovation that is new to the world and thus contributes to an advance in the global stock of scientific and technological knowledge. If the company receives a subsidy or grant towards meeting the R&D expenditure it will typically not be eligible for R&D tax relief on the same expenditure.

An official evaluation of the UK tax incentive scheme was conducted for the first time in 2010 (HMRC, 2010). The findings suggest that public spending via tax incentives crowd in R&D investment by a factor of 2. However, the evaluation found no evidence of specific R&D projects that were started up because of this particular channel of funding. Another positive finding was that 30% of the firms surveyed were newcomers to the group of small and medium-sized firms that spend money on R&D. Moreover, 90% of these companies were found to belong to the hi-tech start-up category. The same report estimates that the total annual budget for R&D incentives in the UK amounts to around 0.08% of national GDP. Hence, this can be considered to be an indirect form of state aid that makes up around 20% of the total UK budget for state aid before counting funding received from the EU (EC, 2013).

108 PE 536.320Policy Department A: Economic and Scientific Policy

REFERENCES

 BIS (2010): The Path to Strong, Sustainable and Balanced Growth, Department for Business Innovation and Skills, HM Government.

 BIS (2011): The Plan for Growth, Department for Business Innovation and Skills, HM Government.

 BIS (2012a): Benchmarking UK Competitiveness in the Global Economy, BIS Economics Paper No. 19, Department for Business Innovation and Skills, HM Government.

 BIS (2012b): No Stone Unturned, Lord Heseltine’s Independent Report on UK Competitiveness, Department for Business Innovation and Skills, HM Government.

 BIS (2012c): Industrial Strategy: UK Sector Analysis, BIS Economics Paper No. 18, Department for Business Innovation and Skills, HM Government.

 BIS (2014): ‘Industrial Strategy: Government and Industry in Partnership’, official web page of the Department for Business, Innovation and Skills, accessed on 2 October 2014, https://www.gov.uk/government/collections/industrial-strategy-governmentand-industry-in-partnership.

 Communities (2014): Looking for a Place to Grow Your Business?, official webpage for the zones initiative under the Department for Communities and Local Government, HM Government, accessed on 2 October 2014, http://enterprisezones.

communities.gov.uk/.

 Crafts, Nicholas and Alan Hughes (2013): Industrial Policy for the Medium to Longterm, Future of Manufacturing Project, Evidence Paper 37, Foresight, Government Office for Science, London.

 EC (2013): ‘State Aid Scoreboard 2013’, DG Competition, The European Commission, Brussels, accessed on 16 October 2014, http://ec.europa.eu/competition/state _aid/scoreboard/non_crisis_en.html.

 EC (2014): Reindustrialising Europe, Member States’ Competitiveness Report 2014, SWD (2014) 278, DG Enterprise and Industry, The European Commission, Brussels.

 EC (2014b): EU Cohesion Funding – Key Statistics, DG Regio, The European Commission, Brussels, accessed on 16 October 2014, http://ec.europa.eu/regional_ policy/thefunds/funding/index_en.cfm.

 Griffiths and Wall (2004): Chapter 24: Managing the Economy, Applied Economics, Prentice Hall.

 House of Commons (2014): EU Industrial Policy, Parliamentary Debates, House of Commons Official Report, European Committee C, Thursday 4 September, 2014, The Stationery Office Ltd., London.

 HMRC (2010): An Evaluation of Research and Development Tax Incentives, Revenue and Customs, UK Government, accessed on 16 October 2014, http://www.hmrc.gov.uk/research/report107.pdf.

 OECD (2014): Statistical Profile of the United Kingdom, Organisation for Economic Cooperation and Development iLibrary, 9 September, 2014.

 RC (2014): ‘Research and Development Relief for Corporation Tax’, official web page for the R&D tax relief scheme under the Department for Revenue and Customs, HM PE 536.320 109 EU Industrial Policy: Assessment of Recent Developments and Recommendations for Future Policies Government, accessed on 3 October 2014, http://www.hmrc.gov.uk/ct/formsrates/claims/randd.htm.

 UN (2013): International Trade Statistics Yearbook, United Nations, Trade Statistics Division, New York.

 WEFO (2014): The Global Competitiveness Report 2013-14, The World Economic Forum, Geneva.

 World Bank (2014): World Development Indicators, The World Bank, Washington D.C.

 WTO (2014): Country Profile: United Kingdom, World Trade Organisation, March 2014, http://stat.wto.org/CountryProfile/WSDBCountryPFView.aspx?Country=GR &Language=S.

–  –  –



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