Business secretary calls for private sector investment

Date: 18th March 2010

A "new wave" of private sector investment is required over the next ten years to rebuild Britain's economy.

This is the view of business secretary Lord Mandelson, who has called on the private sector to continue creating businesses and jobs for the UK.

A year after the launch of the government's New Industry, New Jobs strategy, Lord Mandelson has moved to reiterate its message.

"This is about making the economy ready for a decade of industrial and economic renewal in Britain," he said.

"We are committed to a greener, smarter, even more skilled Britain - one that generates more knowledge and is better than anyone else at turning that knowledge into innovation and economic growth."

The comments come as the UK Commission for Employment and Skills (UKCES) published its first ever National Strategic Skills Audit, which is intended to inform the government and UK employers on how to plan for the future.

UKCES chief executive Chris Humphries said: "The audit shows that there have been some substantial changes in the labour market over the past decade.

"In order to operate in this fast-changing environment we need comprehensive market intelligence, showing us which are the really key priorities for future investment."