Industrial Strategy

Adrian Bailey Excerpts

Monday 10th September 2012 Commons Chamber

[Vince Cable]

My hon. Friend is right; we need to make that distinction. There are many examples. He chose the automotive sector, where Britain is now performing extraordinarily well. For the first time in a generation we have a trade surplus in the automotive sector, with £6 billion in new commitments of investment, but there are many other sectors whose experience also serves to illustrate the wisdom of Government and the private sector sitting down together, and one of them is the space sector, as my colleague who represents higher education, the Minister for Universities and Science, knows very well. Britain now has one of the most outstanding space sectors in the world, and a lot of that is a product of sensible collaboration.

[Mr Adrian Bailey (West Bromwich West) (Lab/Co-op)]

I broadly welcome the Secretary of State’s comments, which in many respects are long overdue. However, can he reassure me, and organisations such as the Engineering Employers Federation, that the lack of political will of which his Government accuse past Governments on this issue will now change? What reassurances can he give us that the political direction will change, and that the new political backing will ensure this policy is rather more successful than the economic plan for growth introduced last year?

[Vince Cable]

There is strong political backing for this. The hon. Gentleman refers to various industrial groups, and I am well aware that the Engineering Employers Federation, and, indeed, the CBI, have called for an industrial strategy of this kind. I will be working very closely with them and the other business groups.