London (Hansard, 8 July 1992)

§ 9. Sir Michael Neubert
To ask the President of the Board of Trade what plans he has to improve the attraction of London as an international centre for trade.

§ Mr. Neil Hamilton
London is already the location of many international businesses and remains one of the 326 world's leading financial centres. Our policies, including the recent establishment of a ministerial committee for London, will help to ensure that London maintains its position.

§ Sir Michael Neubert
Is it not ironic that that segment of our capital city and principal trading centre which is closest to our new home market of continental Europe is the least developed? What contribution is my hon. Friend making towards ensuring the success of London docklands and the survival of that strategically vital project, the extension of the Jubilee line?

§ Mr. Hamilton
As my hon. Friend will know, my right hon. Friend the President of the Board of Trade played an important part in getting the docklands project going— [Interruption.] It is a highly imaginative project, which in due course will lead to the regeneration of the whole of that east London corridor. Some 50,000 jobs have already been created in docklands this year, compared with a much smaller number 10 years ago. Although the recession has resulted in difficulties for docklands, the project will not collapse. In due course, other companies will come in to complete this huge project, which will be the best news for east London that it is possible to hear.

§ Mr. Salmond
Will the Minister clarify the Government's attitude to London's bid for the Eurobank? Is he aware that press reports from the Lisbon summit suggested that the Prime Minister was engaged in a futile rearguard attempt to protect London's claim, while the Secretary of State for Scotland, on a boat in the River Forth, was simultaneously hinting that the Government were reasonably sympathetic to Edinburgh's claim? Are the Government backing London, Edinburgh or nowhere for the site of the Eurobank?

§ Mr. Hamilton
I can assure the hon. Gentleman of one thing: if Scotland were independent, nothing would go to Edinburgh.

§ Mr. John Greenway
Does my hon. Friend agree that London is one of the pre-eminent financial services industry centres in the world? Is he aware that the Lloyd's insurance market contributed £8.5 billion to invisible exports in the past five years and supports some 80,000 jobs? Does she agree that the Walker and Morse reports published last week will lead to a strengthening of London's position as a major insurance centre?

§ Mr. Hamilton
I entirely agree with my hon. Friend that Lloyd's is an important flagship for the insurance sector of London as a great financial centre. It does not help when Members such as the hon. Member for Neath (Mr. Hain) make irresponsible and unwarranted claims on the basis of half-truths. Last week the hon. Gentleman denounced the Walker report as whitewash before it was even published; he then had to retract after he had read it. It would be better for us all if Labour Members would make supportive noises about an industry which employs large numbers of people and is a major earner of foreign exchange for this country.