Heseltine's review may look at every aspect of the British state, not just industry.
The now Lord Heseltine has been asked by the prime minister to do a 'competitiveness audit'.
Years later Heseltine is driving city mayors and the regional growth fund and now this.
The funding idea was recommended by Lord Heseltine in his report called No Stone Unturned.
Labour leader Ed Miliband said the prime minister should take Mr Heseltine's comments "very seriously".
There are significant differences between the Heseltine approach and the former Labour government's RDAs.
Lord Heseltine also backed suggestions that pension funds should provide funding for infrastructure projects.
Lord Heseltine said government played a crucial role in the performance of the economy.
Meanwhile, Michael Heseltine (to name but one) was in fact capable of extraordinary idiocies.
And Michael Heseltine, a long-time aspirant to the Tory leadership, has been asked to further Anglo-Chinese trade.
But later, in an interview with the BBC, Lord Heseltine said there was "an urgency" about stimulating growth.
Lord Heseltine was made a peer in 2001, but despite voting in the Lords he has declined to speak until now.
Michael Heseltine, the deputy prime minister, concedes that this may explain up to half of the recent fall.
Lord Heseltine dismissed comparisons between the UK and the two faster growing economies.
And on the Tory left, former deputy prime minister Michael Heseltine said that it was a very good speech.
"He who wields the knife never wears the crown" Lord Heseltine later reflected.
Michael wrote a great biography of Heseltine and always mentioned his subject's indefatigability.
So it was no surprise to me when, after Howe's damaging resignation speech, Michael Heseltine challenged her for the leadership.
Former deputy prime minister Michael Heseltine returned to the list in eighth place this year following a three year break.
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That's the rider in the skills audit of the nation in the competitiveness white paper Michael Heseltine conducted in 1996.
In the 1990s, Heseltine set up a competitiveness unit with 30 members and many cabinet ministers sat on its committee.
So now Heseltine will carry out the diagnosis that any industrial policy would first of all need: a competitiveness audit.
The project will serve as a pilot for a national scheme, based on a report by Conservative peer Lord Heseltine.
Back in the early 1980s, when Michael Heseltine was environment secretary, the Conservative government introduced the concept of enterprise zones.
BBC: Business community's mixed feelings on enterprise zones
Last week, Lord Heseltine criticised the prime minister's European strategy, saying an "ill-advised" referendum would jeopardise the UK's business prospects.
It has to be said that neither Mr Clarke nor Mr Heseltine has publicly canvassed for anything of the kind.
Mssrs Clarke and Heseltine have given interviews to the broadsheets, talking of the importance of Europe to the British economy.
Discussions were also held (via Peter Mandelson) with Conservatives who favour the euro, such as Mr Clarke and Michael Heseltine.
Lord Heseltine was asked by David Cameron to look into ways of improving the economies of English cities other than London.
In February Michael Heseltine, the deputy prime minister, officiated at the launch of a list of Britain's 100 richest Asian businessmen.
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