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25 September 2025: Industrial Strategy Advisory Council meeting minutes

Published 19 November 2025

The ninth meeting of the Industrial Strategy Advisory Council (ISAC) took place in-person at McKinsey and Company, London on Thursday 25 September 2025.

It was chaired by Dame Clare Barclay DBE and attended by:

• council members
• senior officials
• the secretariat of the ISAC

The Minister for Small Business and Economic Transformation joined the meeting for item 4 of the agenda.

Members

• Dame Clare Barclay DBE – Chair
• Professor Dame Nancy Rothwell DBE – Deputy Chair
• Dr Aislinn Rice
• Professor Dame Diane Coyle DBE
• The Rt Hon Greg Clark
• Professor Henry Overman OBE
• Tunde Olanrewaju CBE
• Henrik L. Pedersen
• Kate Bell
• Phil Smith CBE (ex-officio)

Ministers

• Minister for Small Business and Economic Transformation, Blair McDougall

Officials

• Sam Lister – Director General, Industrial Strategy, Department for Business and Trade (agenda item one only)
• Fred Perry – Director, Industrial Strategy, Department for Business and Trade (agenda item one only)
• Leonie Lambert – Director, Industrial Strategy Council Secretariat, Department for Business and Trade
• Jonathan Bateman – Chief Analyst, Industrial Strategy Council Secretariat, Department for Business and Trade
• Rachel Richards – Deputy Director, Industrial Strategy Council Secretariat, Department for Business and Trade
• Robert Clogher – Deputy Director, Growth Policy Unit, Department for Business and Trade (agenda item 2 only)
• ISAC secretariat – Department for Business and Trade

Apologies

• Chris Grigg CBE (ex-officio)
• Greg Jackson CBE
• Roy Rickhuss CBE

Agenda item 1: introduction from the Chair and update from Sam Lister, Director General, Industrial Strategy

1. Sam Lister and Fred Perry provided an update on implementation of the industrial strategy and outlined how the government has moved into the delivery phase.

2. Members commented on the challenges in the external environment for business and the importance of a sustained focus on delivery for the industrial strategy to have an impact on growth.

Agenda item 2: ISAC year one programme of work

1. Leonie Lambert outlined the operating framework for how the council will deliver its year one workplan, including projects the council are likely to be commissioned to undertake by government.

2. Council members discussed the early scoping completed for 2 projects and were asked to:

• help refine project priorities
• test assumptions for research areas to pursue based on early evidence gathering
• consider what additional evidence might be needed to progress the work

Project 1: market dynamism – disruptive business models

The council advised reviewing a couple of the IS-8 sectors in the first wave of this work to ensure projects arrive at detailed recommendations. Members noted that looking at international examples would be helpful to build the evidence base.

The ISAC discussed examples of disruptive business models in other sectors to learn lessons on how disruption can support dynamism. Members reflected that focus should be on growth enhancing business models.

Project 2: skills

The council discussed the benefit of looking at the differences in skills provision and needs at both a local and national level and how that compares across different sectors.

Members noted that there was a need to make sure ISAC’s project contributions are complementary to the broader skills work being done by Skills England.

Members reflected on:

• the challenges of re-skilling the workforce
• how technology continues to change the way we work
• the decline in business investment in skills

Agenda item 3: ISAC year one monitoring and evaluation

1. The ISAC secretariat gave an overview of the monitoring and evaluation programme for the ISAC, which is one of the council’s core roles. The focus for year one will be on supporting implementation, monitoring sectoral developments and building capability for systemic learning and adaptation.

2. Members reflected on the importance of data to support the evaluation process.

Agenda item 4: reflections from Minister for Small Business and Economic Transformation, Blair McDougall

1. The Minister thanked the council for their work advising on the industrial strategy. He outlined the new Department for Business and Trade ministerial team and their portfolios and set out his priorities for ambitious industrial strategy delivery. He noted the important role the council will play in the next phase of the implementation of the industrial strategy.

2. The Chair closed the meeting and thanked all members for their contributions.