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Budget Resolutions and Economic Situation

Let me mention another matter that, again, involves the right hon. Member for Rother Valley, who spoke with such passion about many of our famous manufacturing companies. Let us take steel as an example. Where is steel now? Who owns steel in this country? It is owned by an Indian company, Tata. When there is a recession, what is Tata likely to do? It is likely to make closures, as it is doing in the case of a smelting processing plant in Redcar in the north-east. It is a tragedy that we have allowed the core of our manufacturing base to be eroded and taken over by overseas interests, which will, when all is said and done, return to their own countries many of the profits that they make in the plants that they own in this country. Tata also owns Jaguar Land Rover. Those products made our country famous and are acquired and respected throughout the world. Why has the United Kingdom allowed the foundation of its manufacturing base to be purchased by overseas interests and, in some instances, taken abroad?