§ Lord Terringtonasked Her Majesty's Government:
Whether they are satisfied that the development of foreign ownership of member firms of the Stock Exchange is in the national interest.
§ The Parliamentary Under-Secretary of State, Department of Trade and Industry (Lord Lucas of Chilworth)Her Majesty's Government believe that the traditional openness of the City of London, including the Stock Exchange, to overseas business has contributed to its international competitiveness. There are powers available in the Financial Services Act to refuse, remove or modify the authorisation to carry on investment business of a person from a foreign country which does not offer to UK institutions reciprocal facilities for financial business.