HC Deb 23 November 1979 vol 974 cc367-8W
Mrs. Renée Short

asked the Secretary of State for Industry what proposals he has for the regeneration of industry; and where and when he expects expansion to take place.

Mr. David Mitchell

The Government have gone a considerable way towards creating the right climate for the regeneration of industry by reducing direct taxation, by starting to change the emphasis away from public spending so that it will become possible to release resources for private sector use, by removing restraint such as price, dividend and exchange controls, and by sticking to a firm monetary stance to curb inflation.

Where and when a reversal of our relative decline takes place depends on a positive response from management in seizing market opportunities, and from trades unionists in sensible wage bargaining. We welcome the clear message of the CBI conference that the time has now come for businessmen to take the lead in responding to the opportunities provided by the Government's strategy.