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Financial Services Initiative

Volume 178: debated on Saturday 29 December 1990

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10.

To ask the Secretary of State for Wales what progress he has made on the financial services initiative; and if he will make a statement.

I am very happy to report that the financial services initiative is showing excellent progress, with employment up by 20 per cent. over the past three years. We look forward to further progress, particularly now that the area has been extended to cover mid-Glamorgan and the Swansea bay area.

I am glad to hear that answer. I am sure that my right hon. Friend agrees that the financial services initiative represents money well spent. Can he give the House an estimate of how many new jobs it has achieved and the total investment brought about by the initiative?

Some 70,000 people are now employed in financial services. I am delighted to be able to tell the House that, just before I came into the Chamber, I heard the news that Europe's leading legal expenses insurance group, German-owned DAS, is to locate a new United Kingdom claims handling unit at Bedwas, near Newport. That is marvellous news. I am delighted that such an internationally prestigious company as DAS has decided to come to Wales. It confirms that Wales is becoming the favoured location for financial services.