14:54 Chris White (Warwick and Leamington) (Con)

May I say how delighted I am to follow the hon. Member for Stalybridge and Hyde (Jonathan Reynolds) in this important debate? I must also thank the Backbench Business Committee for scheduling time for it. As co-chair of the all-party parliamentary group on manufacturing, along with the hon. Member for Huddersfield (Mr Sheerman), one of the most consistent messages I hear is that the UK needs to have a comprehensive industrial policy setting out the key economic objectives and the policies we need to achieve them. We need, as a country, to get back on a more sustainable path to growth, which means seeking to balance our books—specifically, by reducing our trade deficit—so that Britain can be more resilient against future shocks and thrives in a more competitive world. Any industrial policy needs to consider the full range of the UK’s economic strengths, from financial services to creative industries and renewable energy. However, the most effective way of achieving a more sustainable growth trajectory is to boost manufacturing and our industrial capacity.

I welcome the hon. Gentleman’s remarks, many of which I agree with. May I point out to him that there is something we could do right now about industrial strategy? A year ago, we were bemoaning the fact that the large energy companies did not have the market certainty to invest in large infrastructure, which would have had a ripple effect on all the smaller suppliers across the UK. Three weeks ago, seven of the largest worldwide energy companies wrote to the Chancellor to say that they still do not have certainty. Will he urge the Government, as I do, to put that certainty in place? There will be a ripple effect of tens of thousands of jobs in this country once we know that we are heading to a decarbonised future.

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15:04 Mr Adrian Bailey (West Bromwich West) (Lab/Co-op)

My hon. Friend is right that Government decisions shape industrial strategy. I hope he might have some thoughts on where we go on carbon capture and storage as part of the strategy. It was with great regret that we found out this week that there is uncertainty over future funding and a drawing down of European funds because the Treasury was unable to provide guaranteed funding. Does he hope that CCS will be part of the industrial strategy in phase 2, which will come up next spring?

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