I would say that Industrial Economics is more of a Business Economics degree that is a bit more macro still. In other words, it's midway in between Economics and Business, the way I see it at least.
With Industrial Economics you would likely have fewer choices in terms of optional modules.
I have also received an offer from Nottingham from Industrial Economics, but mostly as a consolation offer for being refused from PPE... the two courses don't exactly have a lot in common with one another, and the kids at the offer holder's event did not seem terribly interested in the course. At least not on an intellectual level; they were mostly only concerned with work prospects and what not.
I fear that Industrial Economics would be a bit too focused on Maths, so I wanted to ask you your opinion on this: would you say that someone who hates theoretical (pointless) maths would do well in the sort of maths required in a more numerically heavy econ degree? I'd say that there is a huge different in between pointless IGCSE Maths (which is more difficult than GCSE btw, so it edges into AS level territory quite a bit) and maths that you apply to a subject you love (say, economics).
Regardless, Nottingham's Industrial Econ is very renowned, especially when it comes to employers in finance/accounting or more specifically investment banking. They seem to have great ties to such businesses and it's the first Industrial Econ degree to have been offered. I think it's been offered for more than a few decades now.
So, welp, economics itself is a bit unfocused, so if you want great employment opportunities, go for industrial economics. It's far more practical and just generally very prestigious. Nottingham is brilliant for economics in general too, I think.