A final, tenth lesson is that the lasting success of the strategy will ultimately depend on the institutions it creates and the capabilities they deploy. In the words of Dani Rodrik, the foremost scholar of the topic:

“the public sector is not omniscient… Consequently, the policy setting has to be one in which public officials are able to elicit information from the business sector on an ongoing basis about the constraints that exist and the opportunities that are available”.

Labour acknowledges the institutional agenda in their commitment to resurrect the Industrial Strategy Council and put it into statute. But very little is known about the powers this council is intended to wield, or how exactly it can create “plans that survive the political cycle and allow businesses to take long-term decisions about their future direction”. This kind of success cannot just be asserted. In my opinion, the biggest source of uncertainty for business comes from the departmental structure of government, which means a sincere offer of help from the business-facing part is seldom enough to clear blockages and resolve uncertainties. Addressing that challenge is a top priority.  

The last three industrial strategies were ultimately sunk by changes at the top of government. ⁸ Lord Mandelson’s (2009-10) – the defeat of Gordon Brown. Vince Cable’s (2010-15) – the arrival of a majority-Conservative government. Theresa May’s (2016-19) – her replacement by Boris Johnson.  The next one might be luckier in that regard. It would be a huge help to have it supported from day one by the whole of government. But that is only the beginning of the work.