Cameron’s pledge on ‘industries of the future’

THE Prime Minister has pledged to drive investment in key sectors for the North West – aerospace, pharmaceuticals and green energy.

Speaking at regional growth summit at Manchester Central during a trip to the region, David Cameron said he was keen to see all regions’ economies grow – and not just the South East.

Defending the spending cuts and this week’s VAT rise in particular, he said the Government#s “tough” measures were not contrary to promoting growth.

He also pledged reform on the planning system, and promised to  ”lay out the red carpet” for those wanting to start businesses.

“The international evidence is clear: with tax rises taking a quarter of the strain and spending cuts three-quarters, we are striking the balance that is fair and good for growth. None of this is easy.

“But be in no doubt: balancing the books over this Parliament is absolutely essential to restoring confidence in our economy – and that is why we are sticking to this path.

“The second thing you need is a strategy for growth that goes beyond just sorting out the mess of the public finances – and that’s exactly what this Government has.

“In the end it’s not us in Whitehall who will create growth, but you in your offices, your shops and your factories. But you need some very basic things from us to help create wealth and jobs.”

He added: “Getting behind tourism, green energy, pharmaceuticals, advanced manufacturing, aerospace, the industries of the future – all this is crucial.

“But it would be a big mistake if we stopped at those big ticket industries. Because if you look at where growth has come from in recent years, you see that it’s the small, innovative companies that hold a lot of the potential.

“Over and over again studies show that around one in 20 companies – the small, high-growth firms – are responsible for half of new job creation.

“So far from ignoring the start-ups and the small players, we’re laying out the red carpet for them.”