Industry (Government Support)

Absolutely, and I think that my right hon. Friend the Secretary of State for Business, Innovation and Skills said earlier that 21,000 new business regulations have been introduced over the past 13 years—six every working day of the last Government—but such talk of regulation also applies as much to EU regulations as to domestic regulations. Much of what comes from Brussels is often unnecessary, badly thought through or just ignored by other member states when it suits them. So we need a new approach to EU regulations that helps British industry and business and not one that undermines them. My constituency of Bromsgrove was once a very proud manufacturing hub, supplying much of the west midlands industrial complex. Much of that industry has now, sadly, disappeared. Some hon. Members may remember one of my predecessors, Sir Hal Miller, who was a passionate advocate of industry in the west midlands, especially the motor car industry. In recent years, a large "closed for business" sign has been hanging over our country. Whether down to punitive taxation, excessive regulation or inadequate incentives, the effect was always the same: to repel new businesses and discourage existing ones. Having run a private equity business, I cannot stress highly enough how destructive those misguided policies have been. Consequently, I support the amendment, and it is hugely reassuring once again to have a Government who recognise the urgent need to re-open Britain for business.