§ Mr. FabricantTo ask the Secretary of State for Trade and Industry if he will make a statement on the prospects for employment in manufacturing industry over the next 24 months. [55125]
§ Mr. BattleThe Government appreciate that the level of sterling and, more recently, the impact of financial problems in Asia have been causing difficulties for some manufacturers. We are ensuring that the necessary conditions are in place for a high and sustainable level of manufacturing employment over the long term: low inflation and sound public finances.
As well as setting in place the framework for securing economic stability, the Government are committed to helping the manufacturing sector, and each worker within it, to become more productive. We encourage individuals to gain knowledge and skills to enhance their employability. Measures such as the University for Industry will assist in this and will help boost the productivity and competitiveness of business through a new approach to learning. The Government are intent on providing the best environment for research and development, to help ensure dynamic and innovative businesses are continually developing new products and services. The new University Challenge fund will provide £50 million in venture capital to help university scientists commercially exploit their research.