Cable said: "We are so good at so many things in this country - but for too long the mirage of growth based on property speculation and financial gambling has hidden the harder virtues of making things productively. We must get behind successful British-based firms in vehicles, aerospace, life sciences and creative industries and our world-class scientists and universities."

"I have been working at the heart of Government to make this happen. Despite spending cuts, we have increased apprenticeships by over 60%. We launched German-style innovation centres so that British industry can access the newest technologies in advanced manufacturing, bioscience, sustainable energy, and digital."

Cable went on to say that many of the UK's leading banks are not only anti-business, but anti-small business. He said: "They threw traditional relationship banking over the side and sold useless insurance and dodgy derivatives instead."

"This is no time for the state to be stepping back. We need a new British business bank with a clean balance sheet and an ability to expand lending rapidly to the manufacturers, exporters and high growth companies that power our economy."

Cable for scientists and technologists in the ongoing debate over the offshoring of IT skills. He said in July that the UK should actively be encouraging 'brain circulation'.