I know that industry has widely welcomed the interest rate cuts so far and we wish to see more progress on inflation and on the development of the recovery that the Chancellor outlined in his Budget statement. It is also true that there has been a recent letter to a leading national newspaper, commenting on how refreshing it is to hear that my right hon. Friend the Secretary of State is such a strong supporter of manufacturing and understands its importance in the modern economy.

I endorse the views expressed in that national newspaper by the director general of the Engineering Council.