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Pre-Budget Report

I am glad to hear that there is common ground on this issue, because, certainly in my first 10 years in this House, it was not accepted that we lost far more manufacturing than perhaps we should have in the early 1980s. I think that manufacturing in this country, despite the downturn and despite the difficulties, is well placed for the future. We have a lot of manufacturing of which we can be genuinely proud, and in the past 10 years, through our investment in science and our support for universities, we have seen a lot more projects come out of universities and develop for the future. Much of what I had to say this afternoon was about encouraging such growth in the future. The policy of the hon. Member for Tatton (Mr. Osborne) is not to reverse the situation at all, but, it seems, to make it worse.