The hon. Gentleman would not expect me to agree entirely. No industrial strategy that the previous Government adopted could work because it never got on top of the problem of the money supply and inflation, except in the brief period following the intervention of the IMF. Unless the financial aspect is under control, a Government will never be able to do anything else. I agree that that is not the only element. Monetary policy alone will not create wealth. We need an industrial strategy, which is what I am arguing for, and which is what my right hon. Friend the Member for Taunton argued for yesterday.

Industrial strategy must ensure the appropriate levels of capital investment and national investment in education to train people of skill and talent, and get them moving in the right way with the right qualifications for industry. That comes back to Sir Monty Finniston's call for an engine of change. We need to build a catalyst into the system to keep the ideas flowing in and ensure that people are all the time conscious of the engineering dimension, which will pump-prime new developments.

We also need to knock the heads of Government together. There is a problem of diffusion between Departments. It affects the attitude to manufacturing and the creation of wealth right through from the schools. We need an organisation to stand back and take an overview, and then hammer away. It should have prestige, with a powerful chairman, and comprise powerful and important individuals. The majority should be key industrialists. It would then be listened to rather than ignored. The clout that it carried would be the essence of its success.

The engineering authority must be given the right range of powers and remit. It needs to be started with a certain amount of cash, but it could become self-financing. Those aspects are fundamental to its setting up.

Because of the clash of representations, the Government should not establish a group of important people that does not have the right remit for a proper job. They should not simply ask it to regenerate the economy and give a boost to engineering. That would be disastrous. In five years' time my colleagues could then argue that it is another quango, festering away. We must look at the proposal with great care.

The one option that the Government do not have is to do nothing. After all the reports over all the generations we must now ensure that we provide in our educational training system the right people with the right thrust. We must have the numbers and the quality moving into industry. We must also ensure that industrialists hire these people and give them the right career structure. Whatever courses they start in university, they should have the opportunity, as technologies change with speed, to develop the new knowledge, which is so important. That is the process that Finniston outlines.

The report is of major importance to the success of the British economy. We expect the Government to make decisions shortly. I hope that they will establish an engineering authority.