§ Mr. McQuarrieasked the Chancellor of the Exchequer if he will consider the setting up of a special Scottish development fund from the spin-off profits from North Sea oil revenues for the purpose of regenerating those industries which have been affected by the oil and gas developments in the North Sea and also for the training and re-training of persons who have lost their employment in traditional industries in Scotland.
§ Mr. Biffen[pursuant to his reply, 24 November 1980]: In their note of dissent to the report of the Committee to Review the Functioning of Financial Institutions (Cmnd 7937) the right hon. Member for Huyton (Sir H. Wilson) and several other members of the committee proposed that the Government should set up a United Kingdom North Sea oil and development fund. The present Government, like their predecessors, have yet to be convinced there is a case for setting up such a fund. Nevertheless, the Government have agreed that this and other proposals put forward in the Wilson report should be examined by the NEDO's newly reconstituted Committee on Finance for Industry.