Paul Blomfield
Main Page: Paul Blomfield (Labour - Sheffield Central)(11 years, 8 months ago)
Commons ChamberRead Full debate Read Hansard Text
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Vince Cable
The hon. Gentleman is right that there is a real problem. That is why, in the last Budget, we agreed to proceed with a scheme that will effectively compensate energy-intensive producers, in the metals industry and elsewhere, for the relatively high cost of electricity that they face. We have been through a process of consultation, which has recently finished, on how that complex set of problems should be dealt with. We fully recognise the problem.
Paul Blomfield (Sheffield Central) (Lab)
The Secretary of State has placed great emphasis on the regional growth fund. Is he not embarrassed and concerned that, 20 months after the first-round bidding has closed, companies are still waiting for the money, and facing the prospect of a further 12 months’ wait? What is he going to do about that?
Vince Cable
I am not the least bit embarrassed about the regional growth fund, which is a major success story. Wherever I go around the country, I get strong appreciation for the contributions it has made.
The hon. Gentleman knows very well that, once a decision in principle has been reached, there has to be due diligence, which is not necessarily quick. Very often the companies change their own plans, which then have to be negotiated; some fall by the wayside. There is a very large number of projects that not only have disbursed finance but are up and running and creating large numbers of jobs across the country.