Britain should borrow from the ideas of leftwing Labour politician Tony Benn to frame a new industrial policy, according to Lord Browne, former chief executive of BP.

Lord Browne said policies based on ideas developed by Mr Benn in the 1970s to boost the development of North Sea oil could help UK engineering and technology companies today. Among the sectors that could be promoted in this way were low-carbon energy, aerospace components, biofuels and robotic surgery.