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UK Manufacturing

Manufacturing industry has always been my prime priority. Press articles this week entitled "Economy stuck in stagnation" and "Manufacturing output slump" make for depressing reading. The disappointing news is that the United Kingdom economy did not exit recession in the second quarter as had previously been predicted; instead, it is now stagnating, according to the gross domestic product estimates produced by the National Institute of Economic and Social Research. That is the reality. Last month, the institute estimated flat output growth in the second quarter and downward revisions to industrial production have stunted GDP forecasts. I agree with the Minister, however, that we are one of the great world leaders in advanced manufacturing. We have some of the greatest companies in the world. They operate from the United Kingdom but they are global players with huge strengths in new technology and in innovation.