Industrial Strategy

Antonia Bance Excerpts

Thursday 12th June 2025 Commons Chamber

[Liam Byrne]

The hon. Gentleman is absolutely right. This report is an awful lot stronger for the raft of amendments that he brought forward, and for the thought and devotion he put into Committee hearings and the interrogation of our witnesses. He is absolutely right because, ultimately, we as a country will not unlock performance that matches our potential unless we think again about the way in which business and the Government work together for new times. That is the only way in which we will both tackle the stubborn challenges of the past, particularly the under-investment that has bedevilled us for so long, and navigate the seminal challenges of the future. There is no ideology in this report—well, perhaps there is, but the only ideology is a confidence in our country and a confidence that we can be better than we are today—which is a practical blueprint for turning those ambitions into action.

[Antonia Bance (Tipton and Wednesbury) (Lab)]

I thank the Chair of the Committee for the opportunity to come in on the topic of this important inquiry, which I was glad to be a part of. One of the best days of the inquiry was the day we welcomed a roundtable of small and medium-sized enterprises in the automotive sector to talk to us about the threat posed to them at the time from the tariffs imposed by the United States and more broadly about the challenges that SMEs face in advanced manufacturing and automotive. Does he agree that, as our report sets out, the industrial strategy must be one for SMEs across all the growth sectors, as well as for the large primes and big organisations?

[Liam Byrne]

My hon. Friend is absolutely right. The evidence base we were able to assemble was an awful lot stronger because of her connections with small businesses in her constituency and the insights she was able to bring from the world of labour. The point she makes is absolutely right. Past industrial strategies have sometimes conjured up images of corporate Britain calling the shots, but this country’s real potential is actually in abundance in smaller firms. Unless we can make sure that on our islands it is easier to start a business, easier to scale up a business, easier to hire people and easier to give people a pay rise, we are not going to unlock our full potential, and that is what this report sets out to do. We have clearly in our minds the richness and potential of our smaller firms, and we want our economy to be a bigger and better place for them.