§ 9. Mr. Fletcherasked the Secretary of State for Scotland if he has any plans to promote the financial sector in Scotland, in view of the changes taking place in financial markets in the United Kingdom and overseas.
§ Mr. RifkindScotland, and particularly Edinburgh, has a strong financial sector. I am confident that the reputation of existing institutions, and factors such as a good labour supply and comparatively low costs, mean that Scotland is well placed to face the increased competition but, more important, the increased opportunities which deregulation will provide.
§ Mr. FletcherIs it not a great tribute to the enterprise of the financial sector in Scotland that 25,000 new jobs have been created since 1979, giving a total of about 150,000 jobs? Will my right hon. and learned Friend ensure that Scottish banks and brokers are given the opportunity to participate in the Government's privatisation programme as financial advisers, as there is a strong inclination in Whitehall to look only towards the City of London?
§ Mr. RifkindMy hon. Friend is absolutely right to draw attention to the very important employment prospects that the financial institutions represent. I assure him that advisers are selected strictly on merit. I agree with him that it is of crucial importance that institutions in Edinburgh should be given opportunities that are equal to those available in the City of London to compete for this business.