Vince Cable meets business leaders in Barnstaple

Business Secretary Vince Cable and North Devon MP are pictured outside Petroc in Barnstaple this mor

Business Secretary Vince Cable and North Devon MP are pictured outside Petroc in Barnstaple this morning (Thursday). - Credit: Archant

Business secretary says economy is showing signs of recovery following 2008 ‘heart attack’.

Business Secretary Vince Cable and North Devon MP are pictured outside Petroc in Barnstaple this mor

Business Secretary Vince Cable and North Devon MP are pictured outside Petroc in Barnstaple this morning (Thursday). - Credit: Archant

GOVERNMENT minister Vince Cable has met with business leaders in Barnstaple this morning (Thursday).

Business Secretary Vince Cable is pictured outside Petroc in Barnstaple this morning (Thursday).

Business Secretary Vince Cable is pictured outside Petroc in Barnstaple this morning (Thursday). - Credit: Archant

The Business Secretary fielded questions from key local industry movers from the North Devon Manufacturer’s Association at a special breakfast briefing at Petroc.

He told an audience of around 100 people that the economy was showing signs of recovery following a ‘heart attack’ in 2008.

“The consequences of that, and the subsequent recession, have been very damaging and have left a legacy,” he said.

“However, the signals are quite positive and we are beginning to see a revival of consumer confidence and company confidence.


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“There is also some good data on unemployment; we are on about the same level of unemployment as the US, which is remarkable.”

Dr Cable said the UK needed to focus on export growth and manufacturing to drive the recovery.

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“Manufacturing is getting good growth figures; the last three months have been positive,” he said.

“We are seeing a recovery that is broadly based, and by-and-large, there is a positive story beginning to happen.

“The Government has got to keep its eye on the ball and we will do all we can to support the recovery.

“We need to take a long-term view of the British economy – way beyond the electoral cycle.

“We need a sensible collaboration between the public and the private sector; to focus on finance and training; build up procurement; and establish innovation.”

Later today, Dr Cable, accompanied by North Devon MP Nick Harvey, will visit electronics manufacturer TDK Lambda in Ilfracombe before returning to Barnstaple for a tour of pharmaceutical manufacturer Actavis.

Check back for more reaction to today’s visit as we have it.

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