UK Modern Industrial Strategy

Rachel Taylor Excerpts

Monday 23rd June 2025 Commons Chamber

[Jonathan Reynolds]

I hesitate to say this, but I think the right hon. Gentleman underestimates the number of strategies there have been in recent years. It is certainly more than six; we are at 11 in the past decade, or something like that. There have been six Business Secretaries in five years, which is certainly far too many. I think we can all agree that we need some long-term consistency in that area alone.

I agree with the right hon. Gentleman’s point on risk. That is one of the more thoughtful contributions I have heard on the low economic growth, mainly under a Conservative Government, since the financial crisis. We have to consider that attitude to risk in terms of regulation. Maybe our role as parliamentarians, when we ask regulators to fix every problem and stop every bad thing happening, is to ask ourselves whether that is the right balance, whether that is a reasonable request, or should it be—of course, with that in mind—proportionate to the performance of the economy.

The right hon. Gentleman mentions some specific measures. We have the lowest corporation tax in the G7 and a competitive tax rate overall, but we are always seeking to improve that. We need supply side tools, fiscal changes and a consistent long-term environment. That is what we seek to put in place.

[Rachel Taylor (North Warwickshire and Bedworth) (Lab)]

This morning, I visited Horiba Mira, which employs thousands of people across the west midlands. It was a privilege to visit with the Prime Minister, the Secretary of State and the Chancellor. I am sure that the Secretary of State will agree that one of the highlights of that visit was the excitement on the apprentices’ faces. After 14 years of low investment in the west midlands under the Conservatives, does he agree that this industrial strategy will deliver opportunities for young people and the manufacturing industries in North Warwickshire and Bedworth?

[Jonathan Reynolds]

It was a pleasure to see my hon. Friend this morning with my right hon. Friends the Prime Minister and the Chancellor. I was absolutely blown away by that facility, not just by the obvious “big name” investment from the companies there, but by the young people in particular. Of course, we are trying to deliver a strategy for business, and that requires businesses to have access to the pipeline of people, talent and skills that they need. Within that story, there are so many opportunities and careers for young people. I find that absolutely inspiring. Having an offer for the kind of apprentices and advanced manufacturing we saw today, alongside pride in our service and creative sectors and what we are doing on defence, is all key to ensuring that there are not just the things we need as an economy, but equities and opportunities for young people, as there should be in every part of the UK, to get the lives that they deserve.