Modern Industrial Strategy

We are focused on delivering our industrial strategy so that we are once again a nation that makes things, invents new industries and exports around the world. We are investing £100 billion in industries through the National Wealth Fund, directing £9 billion in research and innovation funding to key growth industries, and bringing forward a huge increase in support for exporters through UK Export Finance.

For 14 years under the last Government, my constituents’ living standards stagnated. Across Blaydon and Consett, we have many successful manufacturing and engineering firms such as Slaters Electricals and Petersen Stainless Rigging in Blaydon, Gardner Aerospace and CAV Systems in Consett, and many more. Can my hon. Friend set out how our modern industrial strategy will support businesses in my constituency to raise living standards for my constituents?

My hon. Friend is such a powerful advocate for the industrial strengths of her part of the world, and it is on exactly those strengths that our industrial strategy is working to drive up business investment to create the high-quality jobs that will improve living standards and deliver better public services for everyone. The Government’s northern growth strategy aims to increase the potential of the northern growth corridor to catalyse growth in sectors such as those she describes, and I know we will continue to work with her to make sure her constituents get the most out of that.

County Durham has been home to proud British industries for centuries, but for decades they have been in decline, and communities such as mine in North Durham have paid the price. Our modern industrial strategy will work to fix that. It is going to invest billions in defence, advanced manufacturing and clean power, which are sectors where the north-east has a unique advantage. Can the Minister assure me that our modern industrial strategy will bring jobs, growth and reindustrialisation to my constituency of North Durham?

Yes, I can assure my hon. Friend of that. The industrial strategy recognises the great strengths of the north-east, for which he is such a strong champion. As part of the North East combined authority, County Durham is benefiting from targeted measures, including at least £30 million from the local innovation partnerships fund and the pilot to develop a resilient electric vehicle supply chain. This will support locally critical components and capabilities backed by DRIVE35. We will shortly set out further detail on our northern growth strategy, building on the commitment to invest up to £45 billion in Northern Powerhouse Rail.

There is only one rebar mill in the UK—in Cardiff—and it can make enough to meet only a small portion of our needs, which means that we are reliant on imports. Even if we open a new facility, we will not have enough capacity for things like the rail projects and the 1.5 million new homes. The ending of the roll-over tariffs is leading to unused quotas. Companies such as Hy-Ten in my constituency cannot risk making an order when, by the time it arrives in this country, the quota has been used up and it cannot be imported. Will the Minister meet me to look at the impact of these changes on the ground before they strangle economic growth?

The hon. Lady is right to raise industry worries about the turbulent international trade environment. That is why it is so important that the Government are out in the world engaging—because businesses, including the one that she mentioned, need stability. I would be very happy to arrange that meeting with her.