Jonathan Reynolds
Main Page: Jonathan Reynolds (Labour (Co-op) - Stalybridge and Hyde)(12 years, 2 months ago)
Commons ChamberRead Full debate Read Hansard Text
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Vince Cable
That is absolutely right. It is very important that we stress this. The big investment that has been made by the main car companies—the original equipment manufacturers—is only part of the story. There is now a will to bring back a lot of the lost supply chains, which went for a variety of reasons, including exchange rates and a fashion for outsourcing that has been partially reversed. This is being actively pursued through the Automotive Council, which is involved with the Government in doing so. As my hon. Friend may know, we have a supply chain funding initiative that is currently open to competition, and a variety of bids have come in actively to support the process that he describes.
Jonathan Reynolds (Stalybridge and Hyde) (Lab/Co-op)
To be truly successful, an industrial strategy should be shared on a cross-party basis so that business knows that it can invest without having to see radical shifts in policy. However, it is not altogether clear that both sides of the Government agree on it—after all, it has taken two years to get to this point—so what assurances can the Secretary of State give us that it will not be undermined by the Treasury and the Prime Minister again?
Vince Cable
The starting point of the hon. Gentleman’s question is right: there has to be cross-party support, because if we are thinking 10, 15 or 20 years ahead, we do not know what form of Government will emerge over that time. There is undoubtedly cross-party support among Government Members. I think that I heard support from the Opposition, but I was not totally clear about that.