Industrial Strategy

Jim Fitzpatrick Excerpts

Monday 10th September 2012 Commons Chamber

[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.

[Jim Fitzpatrick (Poplar and Limehouse) (Lab)]

The Secretary of State mentioned Lord Heseltine, who is credited with the vision of developing London docklands and beyond. He also rightly mentioned the importance of infrastructure. How does his industrial strategy relate to the construction industry—in particular, possible support for east London river crossings, without which we will not be able to maximise the potential of Canary Wharf, Stratford and the Thames Gateway?

[Vince Cable]

Construction is one of the key enabling sectors; it has to be. It has been doing badly in recent years, since the collapse of the housing and commercial property boom, and is in considerable distress. One of the reasons why the economy is not growing is what is happening in construction projects. To address the problem, the Government are now deploying a combination of support for infrastructure, the guarantees that the Chancellor has announced and the initiatives on housing and planning that were announced a couple of days ago.