By Ben Simmons

In a speech delivered at the centre-left policy think tank, IPPR, Vince Cable outlined his vision of a future for the UK economy that ‘benefits from the growth of Asia, rather than finds it a threat,’ and ‘spreads prosperity throughout the country, not just in one corner.’

“Globalisation and the rise of BRIC countries have intensified competition. Hubris, followed by disaster, in the banking sector has destroyed the credibility of a particular growth model and an uncritical belief in self-correcting markets. And business is telling me that the UK is missing big opportunities in the global market place because we have swung too far away from industrial policy.

“The Government is united around an economic strategy which attracts widespread support. The commitment to deficit reduction remains central; we can achieve little if the country isn’t credit worthy. But the only way we can escape the trap of high levels of private and public debt is through growth.

"Growth has to come from business investment and from internationally traded activities in open markets. Manufacturing is central to that — a point made emphatically at last week's summit in Bristol. But manufacturing cannot carry the economy on its own with around 10-12 per cent of GDP - albeit with a much higher contribution to exports, R&D and productivity growth."

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