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Now the main areas of higher education that still enjoy considerable financial support from government are subjects like engineering and science and the research ringfence which is the basic minimum to protect Britain's scientific competitiveness.
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You can't win with some people. If you're not in government, you're criticised for being not serious. If you are in government, you're criticised for wanting power. That's the Labour party's line of attack, and it's a bit ridiculous.
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We've got to get back on track to working with them. Because if I and my colleagues are going to continue to attract inward investment from overseas - you know particularly from the big Asian countries - they see Britain as a gateway to Europe. They don't want any doubts cast upon that.
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We do recognise that there are areas where the current financial services market, the banking market, just isn't working for chunks of the British economy.