Oral Answers to Questions

Jack Dromey Excerpts

Wednesday 9th March 2011 Commons Chamber

[The Prime Minister]

My hon. Friend is absolutely right. As I have said, we need a rebalancing of the economy whereby we see more technology, more aerospace, more manufacturing and a greater emphasis on such things. We are seeing recent figures showing good strong growth—up to 5% a year—in manufacturing output and even stronger figures for manufacturing export. What the Government can do to encourage that is ensure that we are delivering what manufacturing businesses want: less regulation, lower taxes and a real boost in apprenticeships, which this Government are providing—an extra 75,000 apprenticeships over and above what Labour planned.

[Jack Dromey (Birmingham, Erdington) (Lab)]

Q15. Does the Prime Minister agree that the bankers do a bad job in lending to small businesses and the real economy and that the police do a good job in helping to cut crime? Can he explain, therefore, why he is cutting police pay while letting the bankers walk away with millions?

[The Prime Minister]

What we are doing is introducing a £2.5 billion levy on the banks each and every year, which will raise more in every year than Labour’s bonus tax raised in one year. We are getting money out of the banks into the Treasury. We are seeing the bonus pools come down and bank lending go up. None of those things happened under the last Government.