HC Deb 15 March 1989 vol 149 cc406-7
14. Mr. Campbell-Savours

To ask the Chancellor of the Duchy of Lancaster when he last met members of City institutions to discuss matters relating to financial markets and transactions in shares.

Mr. Newton

I frequently meet members of City institutions. Our discussions usually cover a wide range of issues, including those referred to in the hon. Member's question.

Mr. Campbell-Savours

Has the Minister read the book "The City Sharepushers" by Mr. Davidson? If so, has he noted the comments about Harvard Securities—a company which we have effectively managed to close—Afcor Investments, IDB and Tudorbury Securities? In so far as Tudorbury Securities is still trading and, in effect, conning the public, does the right hon. Gentleman think that he should make a statement to Parliament? Is it true that Department inspectors have been investigating that company?

Mr. Newton

I think that the hon. Gentleman will recognise that it is not appropriate for me to comment on a number of those matters in reference to both the book and specific cases.

Mr. Ian Taylor

Does my right hon. Friend recognise the invaluable work of the British Invisible Exports Council which is encouraging the continued progress of the City in earning income for this country? Will he note in particular the latest figures, which show that invisible exports may have been under-recorded by up to £4 billion in last year's balance of trade figures?

Mr. Newton

It is certainly true that invisible trade—as I said in response to an earlier supplementary—is one of the strengths of our economy. I join my hon. Friend in congratulating those who have contributed to our performance in that regard.

Mr. Stott

When the right hon. Gentleman had discussions with City institutions, did he discuss the possible future funding of the sale of Girobank? If so, did he tell them that he has told the chairman of the Post Office board that he has altered the terms of reference laid down by his predecessor for the sale of Girobank? Did he tell them that he has done that because he, the Secretary of State and the Department, are having a great deal of trouble in selling Girobank? In view of that predictable difficulty, is it not time that the Secretary of State cancelled the sale of Girobank and stopped this nonsense, to lift the veil of uncertainty that has hung over those who work for Girobank and its customers for the past nine months?

Mr. Newton

The hon. Gentleman was present during the Adjournment debate before Christmas when I said that the Government had not changed the criteria set out at an earlier stage for the sale of Girobank. Had the hon. Gentleman attended the Select Committee the week before last, he would have heard me reaffirm that point. Quite simply, he is wrong.

Back to