Pre-Budget Report

No, because I have to sit down at six minutes past. My right hon. Friend the Chancellor was quite right to contemplate all the papers that were put in front of him, and I agree with him that the conclusion that he reached will probably have the greatest impact on the lower-paid families whom many of us represent. It is important for them in terms of their capacity to help stimulate the economy and in terms of their immediate needs, and we should support people that way. My next point is about industry. The right hon. Member for Fylde (Mr. Jack) made a point about aerospace, and I totally concur. It is vital that those large projects continue. The case that he explored is vital from the point of view of national defence and because of the importance of that aspect of manufacturing to the economy in the north-west. I also represent a manufacturing constituency that is dominated by petrochemicals and vehicles. The vehicle industry's position is different from the last time that we faced an economic downturn, because we are now in a global economy—a point that I made at the outset. Vehicles, like any other product and commodity, are now global products. The Vauxhall Astra, which is made in my constituency, is also made in several other countries, and its components are made globally—as far afield as Australia. We need to ensure that in finding a solution, we think globally, and I welcome the fact that Lord Mandelson has made a real commitment—some people describe it as a conversion—to manufacturing. He is meeting the Society of Motor Manufacturers and Traders, and that will be an important discussion. It has been well trailed that the SMMT will press for support through the European Investment Bank to ensure that proper support mechanisms are in place for industries such as the vehicle industry, which is so important to our economy, particularly in the north-west. I urge my right hon. Friend the Chancellor to give every possible line of support to the ongoing discussions, because, if in the worst case scenario, General Motors or Ford goes into chapter 11 bankruptcy, the consequences in Europe will be dire, indeed—not against the background of rubbish products, but against the background of high-quality products that have a future market and deserve protection. Finally, I should say that I have been somewhat surprised. Given that the Tories demanded this debate, I thought that we would hear some great alternative solutions from them. What I want to find out from the wind-ups is whether the Opposition are in favour of tax cuts now to boost the economy. Will they vote against the £60 payment to pensioners and the increases in child benefit and tax credit? [Interruption.] Of course they will have time. Let us hear their views.