Chuka Umunna MP, Labour’s Shadow Business Secretary, commenting on the Government’s announcement on industrial strategy today, said:
“We have been calling for a credible industrial strategy for months but this has not been delivered because of the road blocks to reform in Number 10 and the Treasury. David Cameron and George Osborne’s failed plan has left us in a double dip recession made in Downing Street which is hitting businesses and holding back British industry.
“Vince Cable has given fifteen speeches on industrial strategy since coming to office, yet across different sectors the Government has been acting in a deeply un-strategic way, creating chaos and confusion in industries from defence to renewables and transport.
“Ministers need to come clean on whether they are proposing a proper British Investment Bank, which Ed Miliband has led calls for since last year, or merely a rebranding exercise of schemes which already exist and are not doing enough to help business.
Commenting on the Public Accounts Committee report on the Regional Growth Fund today, Chuka Umunna MP said:
“Today’s damning Public Accounts Committee report on the Regional Growth Fund, the Government’s flagship industrial policy to date, highlights their failure so far to deliver. The committee has blasted Ministers’ failures over delivery; value for money and the endless delays on getting the money out to winning bidders. What’s more, it seems like there is no end in sight to the bidders that have now been waiting well over a year for their cash.”