Manufacturing (East Midlands)
Debate between Jonathan Ashworth and Iain Wright(11 years, 10 months ago)
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Mr Wright
That is welcome, but we should not be complacent in any region. In my region of the north-east, the economy has an important export-led component, but we cannot be complacent in what is a fierce race, as the Prime Minister has said. We should be resolute in ensuring that the potential for exports is fulfilled as far as is possible, so that we can have an export-led recovery.
Jonathan Ashworth
I am grateful to my hon. Friend for giving way; I will be very quick. Does he agree that when senior Ministers, from the Prime Minister downwards, go to India and Turkey on trade missions, they should take representatives from some of the small and medium-sized manufacturers, and business people from cities such as Leicester, rather than the great and the good?
Mr Wright
I hope the Minister will respond to that excellent idea.
I also want to mention access to finance, which manufacturers tell me is still a problem across the country. I again quote the latest Derbyshire and Nottinghamshire chamber of commerce quarterly survey:
“There was a net 3% increase in the firms reporting deteriorating cash flow. The lack of access to working capital continues to be a problem for firms. DNCC welcomes the creation of a state-backed business bank but is concerned that this will take too long to be formed and must have the ability to provide loans directly to growing businesses”.
Will the Minister say what is happening with regard to that British business bank?
Finally, several hon. Members mentioned the regional growth fund, and the fact that the east midlands region is not reaching its potential in that regard. My hon. Friend the Member for Nottingham South said that the east midlands secured only 4% of all projects in rounds 1 and 2, and my hon. Friend the Member for Leicester South said that in round 3, firms in the region gained moneys for only five projects, totalling just £14 million—the lowest amount of any region in England. Will the Minister explain why? Does he think that manufacturing firms in the east midlands do not warrant such support? What will he do to redress the balance?
This debate has been important and positive. Manufacturing is important to the UK, and it is certainly important to the east midlands. We must ensure that it realises its potential, and I hope that the Minister will explain how we can do that.