Oral Answers to Questions
Debate between Vince Cable and Mark Pritchard(9 years, 11 months ago)
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Vince Cable
Members across the House are concerned about the future of the long products division in Tata Steel. As the hon. Gentleman may know, I have had discussions with Cyrus Mistry in India, chief executive of Tata, and I recently met Mr Klesch, who has an interest in taking on that business. We are in close touch with Members across the House on the progress of those discussions, and I will report back when developments arise.
Mark Pritchard (The Wrekin) (Con)
While the Secretary of State is right and the Government have set out a national industrial strategy, will he put on record his praise for the job creators, innovators, and entrepreneurs in Shropshire who have created more than 1,000 jobs in the last year in agri-engineering, food manufacturing, car parts manufacturing, and the manufacturing that is being brought back from Europe and put into Shropshire?
Vince Cable
The hon. Gentleman describes a powerful trend. I am delighted that it is operating in his constituency and I congratulate the firms concerned. He refers to the process of onshoring production that had gone overseas, and I believe that around one in 10 British manufacturers are now considering that process. I have recently come back from India where I met a company called Amtek that is bringing car supply chain and production back to the UK—it may even be in the hon. Gentleman’s county.
Sunday Trading (London Olympic Games and Paralympic Games) Bill [Lords]
Debate between Vince Cable and Mark Pritchard
Mark Pritchard (The Wrekin) (Con)
I am grateful to the Secretary of State for giving way, and I have a lot of sympathy with the comments that the hon. Member for Telford (David Wright) made. Some moments ago, the Minister of State, my hon. Friend the Member for Hertford and Stortford (Mr Prisk) gave a commitment that the legislation would not go beyond September. However, that commitment appeared to be a personal commitment, albeit well meant. Ministers come and go, and I am sure that my hon. Friend is likely to be promoted upwards from Minister of State. Indeed, even Secretaries of State come and go. I wonder whether the Secretary of State will put it on the record that it is the commitment of the Government not to go beyond 10 September, and not the personal commitment of Ministers.
Vince Cable
I can repeat what I have already said. This is not just a personal commitment by the Minister of State or me; it is a Government commitment. There is a sunset clause in the Bill, which can be debated in detail as we make progress through the rest of the day.
Executive Pay
Debate between Vince Cable and Mark Pritchard(12 years, 9 months ago)
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Vince Cable
As my right hon. Friend the Member for Wokingham (Mr Redwood) reminded us, we are dealing with a legacy in which precisely the failings that he described were allowed to happen over a long period. We are trying to put that right. Addressing executive pay is only one means by which we deal with the fundamental injustices and inequalities in society. There are many other issues, including tax and regulation. However, this proposal will make a significant difference.
Mark Pritchard (The Wrekin) (Con)
The Secretary of State mentioned ending the rewarding of failure. Has he consulted business people? Many of those to whom I speak believe that over the past few years far too many politicians have themselves been rewarded for failure, which has brought our economy down from the seventh to the eighth largest in the world. Does he accept that the vice of greed should not be replaced with the vice of envy?
Vince Cable
I do agree with that. Of course, it is essential, in a successful economy, and particularly a successful private enterprise sector, that enterprise, entrepreneurship and good management should be properly rewarded. The issue is not envy but performance.