Pre-Budget Report

I am listening to my hon. Friend's speech with great interest. Like the rest of us, he will have been pleased to hear what the Engineering Employers Federation said the other day about manufacturers bringing manufacturing back to the United Kingdom, partly for the reason that he has cited—the exchange rate change—but also because of the benefits of greater reliability and better quality. Before the events of the last couple of years, engineering employers were talking of a renaissance in United Kingdom manufacturing. I think we can afford to be optimistic about the future.