Recession

Part of Oral Answers to Questions — Trade and Industry – in the House of Commons at 12:00 am on 16th October 1991.

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Photo of John Redwood John Redwood Minister of State (Department of Trade and Industry) 12:00 am, 16th October 1991

The difference is that the hon. Gentleman does not know the facts. The manufacturing deficit has disappeared in recent months because of the great export success of British manufacturing industry, especially in the motor car industry, which has been mentioned already by my right hon. and hon. Friends.

In a recent radio programme, the hon. Gentleman said that he thought that there would be a Labour Government. That was a rather strange prediction, but the rest of his predictions seemed to be extremely accurate. He said that such a Labour Government would soon enter an economic crisis and would then lurch to the left. That is exactly what happened to the previous Labour Government when they entered an economic crisis, and it would happen again. Perhaps the hon. Gentleman believes that the Labour party's £10 billion takeover plans for British industry by renationalising public utilities are what is needed to revitalise the economy. I have news for the Opposition: that is not what is needed. It is the Government's policies which are needed to produce progress and prosperity.