Department for Business, Innovation and Skills (Performance)

Tristram Hunt Excerpts

Wednesday 2nd February 2011 Commons Chamber

[Alison McGovern (Wirral South) (Lab)]

I am sorry that the hon. Member for Northampton South (Mr Binley) has left his place, because he made quite an accusation about Opposition Members, saying that we had no insights into the world of business. I have the greatest respect for the hon. Gentleman, but I will take no lessons from a party that is led by not one but two former special advisers—especially when the only experience in industry that one of them has comes from working in telly.

I want to say a few words about growth and, briefly, about the impact on young people of the circumstances that we face. Since the election I have visited a huge number of companies in my constituency and the Wirral, especially science-led, high-tech and efficient manufacturing companies. The message from those companies is universal and clear. The thing that they want to drive the growth of their businesses is investment. The question that I am often asked is: where is the Government action to improve investment in high-tech manufacturing? There seems to be some sort of ideological opposition from the Government to backing investment. The Chair of the Business, Innovation and Skills Committee, my hon. Friend the Member for West Bromwich West (Mr Bailey), mentioned research and development tax credits, and we have seen the sweeping away of investment allowances.

[Tristram Hunt (Stoke-on-Trent Central) (Lab)]

Is my hon. Friend as surprised as I am that the Government’s policy seems to be replicated only by Romania, which is countering recession by cutting investment in universities and science, whereas everyone else is adopting a counter-cyclical investment strategy?

[Alison McGovern]

I thank my hon. Friend for that intervention. As Bill Shankly used to say, “I’m only surprised that people are surprised at the surprises.”

The Liverpool Daily Post said today:

“The scrapping of the Grants for Business Investment scheme will leave Merseyside companies seeking smaller amounts of investment aid with nowhere to turn…The flagship ‘regional growth fund’ currently only accepts applications for at least £1m—and its first round of bids was seven times oversubscribed. Local Enterprise Partnerships will have no funding.”

So if the companies in my constituency did not believe that when I said it, they have now heard it from our local media too.