Question Time — scottish executive – in the Scottish Parliament at 2:30 pm on 9 December 1999.
To ask the Scottish Executive how many times the First Minister has met the Secretary of State for Trade and Industry since May 1999. (S1O-791)
I have had no formal meetings with the Secretary of State for Trade and Industry since May 1999, but of course our departments keep closely in touch about matters of mutual interest.
I suggest that the First Minister should arrange a meeting with the Secretary of State for Trade and Industry and say to him that, over the past two years, an eighth of all quoted companies based in Scotland have disappeared, either through takeovers or mergers, which represents a major erosion of the economic base in many sectors of the Scottish economy. Will he press for powers over takeovers and mergers to be transferred to this Parliament so that we can protect the future of the Scottish economy?
That was debated during the passage of the devolution legislation and it was at the urging of Scottish business that it was decided to leave those matters on a United Kingdom basis. As far as the general situation is concerned, there are examples of mergers and of failures and successes. The important thing about the Scottish economy is that we are ahead of the pace, with the lowest unemployment claimant count for well over 20 years and low and stable inflation. When I talk to people either in manufacturing or in the service sector, particularly financial services, they say that the economy is supporting their efforts more effectively than for decades.