Oral Answers to Questions

Geoffrey Robinson Excerpts

Thursday 15th March 2012 Commons Chamber

[Vince Cable]

Britain is the third-best attractor in the world of direct foreign investment and the leading country in Europe. That remains the case; indeed, the position has been strengthened by the decisions we have taken over the past 18 months.

[Mr Geoffrey Robinson (Coventry North West) (Lab)]

I draw attention to my entry in the Register of Members’ Financial Interests. The Secretary of State knows that this news is very welcome throughout the House and that we are delighted to see new jobs and production coming to the UK. I gather that JLR is doing that at Halewood, as well as Nissan, which is great news. Is there a danger, however, that the money for the investments being supported by the Government could be coming from the regional growth fund? If that is the case, will he confirm that there will be enough funds in it? Is there a danger of the smaller companies that are applying being crowded out? It is a challenge fund, as he knows, and on those grounds even very good and worthwhile projects could be rejected.

[Vince Cable]

The hon. Gentleman is absolutely right that the regional growth fund played an important part in key decisions such as Nissan’s decision to expand its operation in the UK. There is, of course, a limited amount of money; it is a challenge fund. It is because we recognise that the regional growth fund is a very valuable source of funding that we have extended it by a further £1 billion, and there is currently a new process of application taking place.

--- Later in debate ---

[Mr Prisk]

My hon. Friend is clearly thinking along exactly the same lines as the Government. We are going to look at precisely that problem, by going back through the stock of regulations that were introduced by Labour during those 13 years.

[Mr Geoffrey Robinson (Coventry North West) (Lab)]

The Government will be aware that this is national science week, and that the Big Bang Fair is taking place at the national exhibition centre in Birmingham. I am sure that the Minister will be pleased to hear, as I was, the good news that Coventry schools have more finalists in those events than any other schools in the country. Will he find time to join me at the national exhibition centre, where we hope Coventry will win some of the prizes in the finals when those decisions are taken?

[Mr Willetts]

On this occasion, I can confirm that I should be delighted to accept the hon. Gentleman’s invitation. I plan to be at the science festival in Birmingham on Friday, and I look forward to meeting him there. It will be a celebration of the strength and excellence of science in Britain.