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Full Debate: Read Full DebateDepartment: Department for Business and Trade
Antonia Bance
Main Page: Antonia Bance (Labour - Tipton and Wednesbury)Department Debates - View all Antonia Bance's debates with the Department for Business and Trade
(1 day, 16 hours ago)
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Sarah Jones
The hon. Gentleman talks about the Government’s policies for growing the economy. A few months ago, we held an international investment summit, at which £63 billion of investment was announced. As I have mentioned, there was £2 billion announced in the Budget for the automotive industry. Interest rates have been cut three times, wages are up, and more than 70,000 jobs have been secured in the UK since the Government came to power. The International Monetary Fund and the OECD predict that the UK will be Europe’s fastest-growing economy over the next few years. The industrial strategy was scrapped under the last Government; our industrial strategy will be the backbone of ensuring that we deliver growth.
The hon. Gentleman asked what we were doing. I have already set out the stability, investment and reform that we are bringing to the sector to make sure that it can thrive. Hundreds of thousands of people rely on the automotive industry through their work in it, or in its supply chains. Those are good, well-paid jobs, and we are absolutely determined to ensure that the sector grows.
Antonia Bance (Tipton and Wednesbury) (Lab)
The Minister has set out how we delivered £2 billion-worth of support for the automotive sector in the Budget. That support is both for manufacturing and for the crucial supply chains in places such as my Black Country constituency and Oxford. Is she able to set out any further details about how that money will be used to support our brilliant manufacturing?
Sarah Jones
I thank my hon. Friend for her question, and for her support for the industry, which is so important. Through the £2 billion funding, the automotive transformation fund, the exceptional regional growth fund and the advanced propulsion centre research and development fund, we have found innovative ways of supporting the industry. In January, I was pleased to hear Jatco, a company that makes transmissions for Nissan, announce that it would put its first manufacturing plant in Europe here in the UK; it is converting an old hospital building with a £50 million investment. That plant will be at the international advanced manufacturing park in Sunderland. That is the kind of opportunity that we want to create and deliver.