Kevin Brennan
Main Page: Kevin Brennan (Labour - Cardiff West)Department Debates - View all Kevin Brennan's debates with the Department for Education
(11 years, 8 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Willetts
The hon. Gentleman is absolutely right about the importance of R and D. We are improving the tax reliefs available to businesses, and especially to small businesses, when they invest in R and D to encourage them to do so.
Kevin Brennan (Cardiff West) (Lab)
The Secretary of State mentioned the importance of growth in his Department’s mission, and yet, as we have heard, the OECD has this morning revised its growth forecast for the UK economy from plus 0.5% to minus 0.7%. Does he not see the need to change course?
Vince Cable
We recognise the economic difficulties faced by most of the western democracies, including our own, and the hon. Gentleman knows the reason for them. We had a boom in this country that got out of control and left a substantial legacy; we have broken banks; we have a very serious consumer debt problem; and we have major problems in our export markets. Those are the factors that contribute to the current difficulties, but we have a range of policies, several of which have been announced today, that are designed to counter those areas of weakness in growth, especially in construction.