G7 Summit

Part of the debate – in the House of Commons at 3:41 pm on 22 May 2023.

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Photo of Rishi Sunak Rishi Sunak The Prime Minister, Leader of the Conservative Party 3:41, 22 May 2023

What we are focused on is growing our semiconductor industry and making sure that we are resilient against future shocks. There are lots of different ways to do that. Indeed, we just signed a new semiconductor deal with Japan, as the hon. Member acknowledged, and we will continue to find opportunities to do that with others, but the idea that we can insource a global manufacturing supply chain in the UK is simply not right. We should focus on our strengths. We will support manufacturing where it makes sense. In compound manufacturing in particular, the capital intensity is far less than in more basic fabs and chips, so we have a strategy that works for the UK’s strength, and particularly works for south Wales, and I am confident that it will be successful.