Department for Business, Innovation and Skills (Performance)

Paul Farrelly Excerpts

Wednesday 2nd February 2011 Commons Chamber

[Vince Cable]

The hon. Gentleman is absolutely right: that is the core point. It is a strange irony, because many Labour Members came from industrial Britain and had built their movement on it. In that decade, however, manufacturing industry was substantially devastated, and we are living with the legacy of it now. What we must emphasise—this is the core of our growth strategy, which the hon. Member for Nottingham East (Chris Leslie) asked about—is that manufacturing matters, and we will do everything we can to support it.

[Paul Farrelly (Newcastle-under-Lyme) (Lab)]

rose—

[Mr Watts]

rose—

[Vince Cable]

I will take one more intervention before moving on.

[Paul Farrelly]

The right hon. Gentleman is a respected economist and will know full well that an expansion of exports is to be expected following the decline of sterling. That is not a growth strategy; it is a consequence of the previous economic policy that he used to agree with. Before he gets too carried away in making accusations about amnesia, may I ask him whether he recognises these words, written in 2009 and reprinted this year:

“I have taken the view that in the current circumstances it is on balance right to attempt a fiscal stimulus, recognizing, however, the risks. The alternative—prolonged and deepening slump—would be worse”?