Industrial Strategy
Debate between Stewart Hosie and Vince Cable(12 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text
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Vince Cable
Yes, I totally take that point. I thought the comments today were a little carping and negative and not terribly original, but I will continue to encourage the Opposition to be more constructive.
Stewart Hosie (Dundee East) (SNP)
The Secretary of State spoke about the supply chain, a sectoral approach, training, bank lending, a new bank and the importance of procurement. They are all important, but he said precious little about fiscal policy. He will remember that the industrial buildings allowance boosted manufacturing and tourism in the past. Indeed, the agricultural buildings allowance did the same in that sector. Does he see a role for such fiscal change to leverage private investment and grow capacity on the supply side?
Vince Cable
The Chancellor is doing a great deal of that. Indeed, he is trying to create an encouraging tax environment for business. Of course, what we have to do—and what he is doing—involves a trade-off between specific incentives and producing an over-complicated tax system, about which I know that the hon. Gentleman, with his detailed knowledge of the sector, would be the first to complain.
Directors’ Pay
Debate between Stewart Hosie and Vince Cable(12 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text
Stewart Hosie (Dundee East) (SNP)
I thank the Secretary of State for his statement and early sight of it. He says: “Pay reports will be clearer and more transparent for investors.” Investors in large listed companies have the capacity to do such work, but has he no concerns about the potential unintended consequence that business investors will see that burden as a de facto requirement of any business in which they seek to invest? Is he not concerned that there might be too much work involved for smaller businesses that are seeking investment to grow?
Vince Cable
That is a perfectly correct statement of the balance we are trying to strike. We want investors and shareholders to be actively involved. In order to be so, they need to know what is going on and to have other information. I fully acknowledge that indirectly that has some regulatory impact. We have tried to strike the correct balance, and I believe we have done so.