Chuka Umunna MP, Labour’s Shadow Business Secretary, responding to an announcement by David Cameron on encouraging manufacturing production back to the UK, said:

“David Cameron and George Osborne have failed to deliver the stronger, balanced recovery we need to see. At a time when families are struggling with a cost-of-living crisis and have been hit by real wages falling by £1,600 per year, we desperately need more better-paid, highly-skilled jobs in areas like manufacturing.

“The Tory-led government came to office promising an export-led recovery but the UK’s trade deficit is growing. Any help for manufacturers is welcome after three damaging years of flatlining and in a month where factory orders have fallen back. But after so many Government schemes have failed to deliver for business, manufacturers will want to see what this one offers in practice.

“Labour would create a proper British Investment Bank supported by a network of regional banks, a skills system which delivers for businesses of all sizes and would cut business rates to help growing firms.”