The Labour government’s new industrial strategy, which will focus on eight key areas including the creative sector, has been welcomed by both The Advertising Association (AA) CEO Stephen Woodford and WPP CEO Mark Read.

The government is also set to focus on financial services, clean energy industries, advanced manufacturing, professional services, defence, tech and life sciences.

Woodford said: “Advertising and marketing straddles both the creative industries and the professional business services sectors, and it is welcome that they have both been recognised as key sectors central to the success of this ambition.”

As part of Labour’s move, Microsoft UK CEO Clare Barclay will chair a new Industrial Strategy Advisory Council, which will provide advice developed with business, unions and stakeholders across the UK.

The overarching strategy will be finalised after a meeting with business leaders following their review of a green paper which will be issued by the Labour government on Monday.

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WPP’s CEO Mark Read added: “As a global marketing services company, we believe that the UK’s world-leading creative industries, powered by new technologies like AI and exceptional talent, can continue to play a key role in further advancing the UK’s investment case on the global stage.

Speaking about the UK advertising industry’s contribution to the economy Woodford said: “Around £39bn will be invested by advertisers in 2024, driving competition, innovation and investment that are vital for a vibrant economy.

“UK advertising is also an export powerhouse, with strong growth in recent years to reach £18bn in 2023, second only to the USA.”