So what might the Government actually do, when they get around to having an economic policy in two months' time? Whatever Osborne's actual economic theory is, it's likely that the political imperatives (i.e. Downing Street) will force him to announce something.
It doesn't look like the BIS-led effort to define a growth strategy is going to come to anything - Vince Cable doesn't seem to have any authority left, and anyway any such effort would need a budget. Devolving any funds from the Treasury to BIS would probably now require a change of chancellor.