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World Class Skills 2020

They were not that good in my time either, but that is another matter. In 1987, a significant proportion of the undergraduates reading engineering or mathematics went into the City, and I suspect that almost all of them do so now. That contrasted with the position only 15 or so years before, because in 1971, one seventh—14 to 15 per cent.—of Oxford undergraduates went straight into teaching. There is no doubt that what the hon. Gentleman described is a concern. The reality is that we live in a globally competitive world. I fear that if we suggested that some of our brightest and best should not come to London, at least initially in their careers, they would go to New York, Paris, Hong Kong and further afield. That is a concern, but it is much more important that we have a successful financial services industry. Without such a thing based in the City of London, this country would be in deep trouble. I would, however, point out that although many of our very brightest undergraduates and graduates spend a few years in the City of London, the attrition rate is quite horrific in certain professions, such as law and accountancy—the hon. Member for Bristol, West and I are both in that mode. The attrition rate is high, and many people decide in their early 30s to have a second career in the public services. The situation is not necessarily to be feared, although I well understand the reasons why, particularly in some of our important regional centres, some of the brightest and best are moving further afield. On legal and accountancy services, there is little doubt that both Leeds and Manchester—as well, of course, as Edinburgh and Glasgow—are significant financial centres, although I appreciate that they have to contend, at least at the undergraduate level, with the prospect of losing some of the brightest and most talented individuals, who come to London in the first instance. London is a city state in many ways— even as far afield as Portsmouth, house prices are distorted by the international strength of London as a financial centre—but that issue is worthy of an entirely different debate. The Minister will perhaps wish to limit his contribution to some of the more general comments made this afternoon.