Industry (Government Support)

I hope that all hon. Members heard that intervention. We also had a maiden speech from the hon. Member for Middlesbrough South and East Cleveland (Tom Blenkinsop). That was particularly touching for those of us who were here in the last Parliament, because he referred to the sad loss of Ashok Kumar, who was held in high regard on both sides of the House. As I was listening to those maiden speeches, I recalled a maiden speech delivered in a previous Parliament by a newly elected loyal Blairite Back Bencher who had previously been a London taxi driver. Many of us regretted that, in his new role, he would no longer be able to share his political opinions with us. However, we now have new Members who are certainly going to share their opinions with us in a most vigorous and effective way. Indeed, some newly elected Members are so vigorous and dynamic that they have already made their second speeches, which must be some kind of record. Among my intake in 1992, we had a competition to see which of us would first be referred to in the press as a senior Back Bencher, and I think that we have heard from several candidates for that title here today. There was a paradox, however, in that many of these new Members, who are changing the character of our House, and rejuvenating and refreshing it by coming from all sides to bring fresh angles to the issues of the day, defined their political loyalties by historic disputes, especially disputes about the performance of our economy. I should like to set the record straight, especially for those Labour Members who have given such a caricature account of this country's economic history. In 1979—a year that clearly rankles with some Labour Members—manufacturing industry comprised 25.8% of the British economy. In 1990, when Baroness Thatcher lost office, as a result of the economic policies that Labour Members have been criticising today, manufacturing was down to 22.5 % of gross domestic product. In 1997, when we last lost office, it was 20.3% of GDP; and in 2009, it was 11.8% of GDP. So next time we have any sermons from Labour Members about what has happened to manufacturing industry, I hope that they will come to this House and be willing to accept the simple evidence from those statistics. Perhaps I can give the House a second set of statistics on another important measure of the performance of our economy—business investment. In 1979, business investment was 13% of GDP. Business investment goes up and down, but there was a trend, and I regret to say that by 1997 that figure had fallen to 11.7% of GDP. In 2009, the last full year in which Labour was in office, business investment was 8.8% of GDP. When it comes to investing in the future of our economy and when it comes to manufacturing and the significance of the manufacturing sector, I hope that Labour Members will recognise the comprehensive failure of their years in office.