If GB is to survive a post-Brexit world, putting a semi fab here is not my favourite kind of industry. The idea of semi fab location is to put it in relatively low cost locations, where people care less about huge amounts of water and energy required, or toxic waste to be disposed of, and it can be run in a relatively automatied fashion, with no skills transfer from an IP or design point of view, and all of the profits go out of the back door back to the US. Personally, I don't think that is the kind of branding we want attached to GB in the future. You'd find GB just creating a freezone in which these factories operate outside of the virtual borders of the United Kingdom just for a few thousand jobs.
I think we have some real skills to exploit in GB for technologies that can be exported; for addressing the challenges of global heating; developing circular economies. I would look to Europe and see what they need from a third country that would really, really benefit them. How about being the recycling masters of Europe? Don't ship your plastics and all that around the world to be deposited in a stream in Myanmar. Send them to the GB where we will develop advanced recycling technologies; where we will work with the EU on developing packaging for consumables that can be better recycled; on enzyme technologies to create usable source material from plastics.; using advanced AI techniques for sorting and separating; embracing the need for recycling and re-use for materials for batteries and electric vehicles that will be consumed in the sudden rush to electrification - where there's muck, there's brass; building yet more off- and on-shore wind energy that we can sell to Europe via the connectors, to compete with the production of electricity via gas. Grow the recycling and long term storage of nuclear waste from the French and other big users of nuclear energy in Europe. Work with the US on the development and production of new nuclear energy sources like Thorium in container sized delivery for commuity power projects and sell the products to Europe - hey, we can work with the US on nuclear power plants for submarines, why not work on making small community nukes in a collaboration?.
Hey Europe, we can be your recycling friend next door, and you don't have to worry about pesky EU regulations.