13:44 The Parliamentary Under-Secretary of State for Business, Innovation and Skills (Norman Lamb)

Let me begin by dealing with the macro-economic context. The Government aim to achieve sustainable long-term economic growth to ensure that we rebalance the economy both geographically and in terms of business sectors. First, that means keeping interest rates low for longer and tackling the public sector deficit, which will be a continuing drag on capacity for growth unless we sort it out. Secondly, we need to invest in emerging technologies—the hon. Lady talked about the importance of renewable energy as a developing, emerging sector—but not rely on consumption to rebuild growth. We should be promoting innovation throughout the country, not just in the south-east, and also focusing—she mentioned UK Trade & Investment—on export potential and looking at what the regions that she and others who have spoken today represent can do to develop that potential.

The hon. Lady mentioned the feed-in tariffs court action that is under way. A genuine problem with the original design of the FIT scheme had to be resolved, but it is important that we do everything we can to promote the emergence of new technologies. The Government are already planning the green investment bank, which will help investment in renewable energies. There is, of course, also the green deal.

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