§ 3. Mr. Greyasked the President of the Board of Trade how many life insurance companies there are; and how many of them have their head offices in London.
§ The President of the Board of Trade (Mr. F. J. Erroll)One hundred and two British companies and 23 overseas companies carry on life assurance business in the United Kingdom. Of the former, 65 have their registered office in London.
§ Mr. GreyWill the President of the Board of Trade bring forcibly to the notice of these companies the fact that, like building societies, they can operate efficiently and perhaps more cheaply outside London? As building societies are doing a pretty good job in the provinces, will the right hon. Gentleman tell 179 the House what steps he can take to ensure that this example is followed? Is he aware that this kind of commercial activity is a very important factor in the economy of the country and that, therefore, offices as well as industry generally should be restrained in London?
§ Mr. ErrollI must point out to the hon. Member that a registered office is not necessarily a head office. I appreciate the points he is making, and I put them to insurance companies some time ago. One must also remember that to a very large extent insurance is obliged to follow the industrial and commercial activity of the country and must, therefore, have its offices conveniently sited for such purposes.