Economy: Growth

Lord Roberts of Conwy Excerpts

Thursday 9th December 2010 Lords Chamber

Asked by

[Lord Roberts of Conwy]

To ask Her Majesty’s Government what steps they are taking to encourage economic growth.

[The Parliamentary Under-Secretary of State, Department for Business, Innovation and Skills (Baroness Wilcox)]

My Lords, the Government are taking steps to encourage economic growth by providing stability for business through firm action to tackle the deficit, to make markets more dynamic through reform of the competition regime and corporate governance, and to focus the Government’s activities on providing the conditions for private sector growth. We will ensure that strong, sustainable growth is fairly shared through local enterprise partnerships and through our new strategy for skills.

--- Later in debate ---

[Lord Roberts of Conwy]

I am grateful to my noble friend for that reply. Can she confirm that manufacturing industry is currently expanding at the fastest rate for 16 years and that employment in manufacturing is increasing at the fastest rate for 18 years? Are there other sectors in which the Government anticipate stronger growth?

[Baroness Wilcox]

My noble friend Lord Roberts makes a very fine point and, yes, of course, I can support the facts that he has read out. Last week’s report that the purchasing managers index for manufacturing rose to 58 in November is absolutely right. The most recent Office for National Statistics data show that manufacturing output in the three months to October 2010 was more than 1 per cent higher than in the previous three months and 5 per cent higher than in the same period a year ago. That growth is evident in the innovative SME Brompton Bicycles, for example, which has grown in recent years from producing 5,000 bikes a year to 30,000 this year.