But we still have a way to go to achieve the productivity gains seen in the United States. That's why we will be working with different industries to assess how they can better take advantage of the new technology. Secondly, on top of these basic building blocks, we must create a modern framework of regulation. One that drives innovation and competition and encourages growth and increased productivity. Modern, industrially advanced economies are complex.
Governments take a huge range of decisions which affect industrial success.
It is the role of my Department to ensure that sustainable wealth creation and business growth are at the heart of these decisions. We must make sure that markets work effectively. This means having a strong and robust competition policy and consumers who are well informed and confident. As the world opens up British firms will only succeed in winning market share if they have access to markets and the capability to compete. Opening up markets is one of my priorities - we are driving this forward in the UK where for example there is now full competition in electricity and gas supply.