FAST GROWTH in developing countries represents an opportunity as well as a challenge, claimed Dr. Vince Cable yesterday.
“Global growth is undeniably good news,” he told the Confederation of British Industry’s annual conference. “We should welcome the fact that vast swathes of humanity...are now clawing their way out of poverty – they will expand the markets into which we sell.
“We don’t live in a zero sum world.”
But Cable went on to warn that these growing economies also presented commercial competition for the UK – and pointed out that other rich economies were also relying on the Brazilian, Russian, Indian and Chinese markets.
This came in a speech which the business secretary used to focus on schemes the government were promoting to boost science, technology and engineering.
He hailed the government’s decision to maintain funding for these technical subjects even as it slashed funding for humanities.