Economic Development (North-East)

Debate between Nicholas Brown and Ronnie Campbell

Tuesday 15th February 2011 Commons Chamber

[Mr Brown]

My hon. Friend is absolutely right, but it is worse than that: we also risk losing the talents and the accumulated wisdom of some 245 employees. They have not yet been made redundant, but it is declared that they will be made redundant. All the evidence is that they are not being picked up by the local economic partnerships, which I think is a terrible mistake, but that is the way that things seem to be going. Their talents will be lost within the region as they seek alternative employment as best they can, competing with other people with similar skill sets, or they will be drawn to other parts of the country where there are jobs in the economy and a stronger labour market. That will be a real loss to our region and a real tragedy, and I regret it very much.

I want to draw my remarks to a conclusion now, because, fortunately, there is still time for other Members to take part in the debate, the previous business having come to a conclusion slightly earlier than usual—

[Mr Ronnie Campbell (Blyth Valley) (Lab)]

rose—

[Mr Brown]

Of course I will first give way to my hon. Friend.

[Mr Campbell]

I am sick of hearing the argument that there is no money. Does my right hon. Friend not agree that, if all the multinational companies, including the banks, paid the tax on their profits instead of avoiding doing so by hiding their money in tax havens such as the Cayman islands, we would not have this problem? We would have bags of money—billions of pounds.

[Mr Brown]

It is true that the liquidity crisis is largely the fault of Tory bankers rather than Labour politicians, but I am making a more modest argument focusing on economic development in our region.