Manufacturing

Lord Razzall Excerpts

Thursday 8th March 2012 Lords Chamber

[Lord Green of Hurstpierpoint]

The noble Lord makes two very important points, one of which is about “brand Britain”, if I may use that phrase. I have travelled to over 30 countries in the past 12 months and, wherever I go, I find that brand Britain is extraordinarily well appreciated. In the next breath, people will often say, “Where are the British businesses? We would like to see more of them”. I absolutely agree that we should be proud of the “Made in Britain” brand.

We have a continuing task of upgrading productivity. This is about a number of things, including the new Catapult centres and apprenticeship schemes. We need to continue to invest because we are behind the curve in productivity in a number of sectors.

[Lord Razzall]

My Lords, in this burst of Sunderland euphoria it would perhaps be unkind to ask the Minister whether he agrees with the recently leaked letter from Vince Cable to the Prime Minister on the subject of growth. However, perhaps I may ask whether the Minister believes that the Government are seriously considering the possibility of breaking up the Royal Bank of Scotland, which would, of course, lead to increased lending to the manufacturing industrial sector?

[Lord Green of Hurstpierpoint]

On my noble friend’s first question, I believe that my right honourable friend the Secretary of State made an important point about a strategy that looks at the various sectors of this economy and identifies the appropriate measures that government can take to support them. It is of course true that while deficit reduction and fiscal consolidation is the most urgent challenge, we need to find a path of growth for this country that is more balanced and stable. On the question of the Royal Bank of Scotland, the answer is clear: we do not believe that breaking up the RBS is the right answer to addressing the financial issues in this country.