Economy: Manufacturing

Lord Young of Norwood Green Excerpts

Monday 10th February 2014 Lords Chamber

[Viscount Younger of Leckie]

My noble friend makes a very good point. Indeed, manufacturing has changed enormously. Although I do not have a precise definition for him, it is true that manufacturing includes myriad small businesses that are working very hard not just within the UK but in helping our export drive.

[Lord Young of Norwood Green (Lab)]

My Lords, any growth is welcome but it is worth noting that manufacturing is still lagging behind services and construction in this week’s PMI figures, which measure business confidence. Is the Minister aware that concerns have been voiced by major manufacturers, including Nissan and Hitachi, about pushing Britain towards the exit door in Europe? A report from the manufacturers’ association, EEF, shows that manufacturers want to remain part of the European Union with no ifs or buts.

[Viscount Younger of Leckie]

I shall give a very quick answer to the noble Lord. We are working extremely hard to develop markets in Europe, which at the moment are proving to be quite challenging.