Charlie Elphicke
Main Page: Charlie Elphicke (Independent - Dover)(11 years, 8 months ago)
Commons ChamberRead Full debate Read Hansard Text
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Vince Cable
I am not the least bit embarrassed about the regional growth fund, which is a major success story. Wherever I go around the country, I get strong appreciation for the contributions it has made.
The hon. Gentleman knows very well that, once a decision in principle has been reached, there has to be due diligence, which is not necessarily quick. Very often the companies change their own plans, which then have to be negotiated; some fall by the wayside. There is a very large number of projects that not only have disbursed finance but are up and running and creating large numbers of jobs across the country.
Charlie Elphicke (Dover) (Con)
I thank the Secretary of State for his personal support for the life sciences sector in east Kent. If there is to be public money behind any partnership, will he particularly consider equity so that the taxpayer can share in the success? Will he also consider the idea that the proposed industrial bank should be the business growth fund retasked, expanded and floated for the future?
Vince Cable
It is certainly true that in developing the idea of an industrial business bank, we need to take account of existing mechanisms of funding and bring them together in a more rational way.
I thank the hon. Gentleman for what he said about east Kent, which is a good example of how, even in successful growth industries such as the life sciences, technologies change, competition is intense and companies close. A large part of government is dealing with the painful restructuring that has to happen. We cannot stop markets working.