HC Deb 29 June 1988 vol 136 c360
14. Mr. Malcolm Bruce

To ask the Secretary of State for Scotland when he last met the executive director of Scottish Financial Enterprise; and what matters were discussed.

Mr. Lang

I met Professor Shaw and other members of the board of Scottish Financial Enterprise on 6 June as part of a regular exchange of views on topics relevant to the financial services industry in Scotland.

Mr. Bruce

Does the Minister agree that Scotland's growing importance as a financial centre is a considerable asset to the country, but one that could be used to greater advantage? Would he be prepared to discuss ways in which this financial strength could increase the number of home-grown locally controlled enterprises in Scotland, and could initiatives be taken to achieve that?

Mr. Lang

I am happy to agree with the hon. Gentleman. Scotland's financial sector has increased by 40 per cent. in employment terms in the past decade. We are increasingly attracting overseas companies to invest in Scotland because of this strength. I know that Scottish Financial Enterprise is perfectly willing to contemplate a greater involvement in parts of Scotland other than just the central belt. We are also developing enterprise trusts around Scotland—there arc 40 around the country—with a view to developing a greater commitment and understanding of enterprise.

Mr. Jack

Does my hon. Friend agree that the location of overseas financial institutions in Scotland is making a substantial contribution of our balance of payments and is a vote of confidence in the Scottish and United Kingdom economy?

Mr. Lang

That is absolutely right. It may be because manufacturing productivity in Scotland has risen by 5.6 per cent. a year on average in the past eight years, thus taking us to the top of the league of OECD countries.

Mr. Ron Brown

Speaking in a posh accent for the benefit of The Guardian columnists, may I remind the Minister that Jackie Stewart and his Tory friends recently visited Gleneagles? Those individuals repeatedly dodged tax and made sure that the Exchequer did not receive sums of money that should have been spent in Scotland. Clearly, something should be done about that. Will the Minister comment on that abuse?

Mr. Lang

If the hon. Gentleman would like to send me further details of his allegations I shall look at them. As far as I am aware, Mr. Jackie Stewart and some other people recently visited Gleneagles to raise a large amount of money for charity. That is an altogether commendable activity.