So, you propose a marxist managed industrial economy.
We have a capitalist society where business is a private rather than government controlled.
We have a corporatist society where large multinational entities work arm-in-arm with governments to deliver on state priorities in exchange for securing near-monopoly positions in various markets.
Most medium and small businesses are still private - which is why they are so widely reviled by the state's political class and popular culture.
I recognize as the US has always recognized until recently that certain industries are critical military infrastructure.
It's not marxist to make sure those industries remain developed and under your nation's citizen's control. In fact it's a surrender to globalists to not prevent foreign takeover of critical military infrastructure.
Government can allow businesses even critical military infrastructure can remain as private businesses while preventing foreign control. The U.S. on Foreign Investment in the United States oversees and can block the sale of critical infrastructure or technology to foreign countries.
No doubt Britain has a similar agency. But allowing British Steel to be sold to Chinese is on par with the U.S. allowing Uranium One to be sold to the Russians.
Fortunately Uranium One was bought back by US controlled interests. It's time for Britain to reverse it's mistake on British Steele.
It dates all the way back to Thomas Jefferson's sudden epiphany during the War of 1812. That he was wrong for wanting America to remain an agricultural economy which trades for manufactured goods. Europe cut us off from manufactured goods. And suddenly Jefferson realized how important it was for America to have a strong manufacturing base. There is series on Youtube called "War Factories". It highlights the importance of manufacturing capability during WWII and claims that whichever side can produce the most weapons of war will almost certainly be the winner.