Category: Press Releases

The press release issued by HM Treasury on 26 March 1999.

Chancellor Gordon Brown outlines Government strategy to tackle child poverty in Scotland.

A half a billion pound strategy to lift 60,000 children in Scotland out of poverty has been unveiled today by the Chancellor Gordon Brown.

The strategy will:

• tackle the problem of workless households and low pay for families:
• support families when they need it; and
• invest in health and family centres.
• The strategy follows a Treasury analysis of the scale and causes of poverty and inequality in Scotland. The analysis reveals a shocking picture of child poverty in Scotland. The picture, based on a snapshot of 1997 figures, shows:
• 41% of all Scottish children under 5 in poverty; and
• 60% of all children in a household where no-one has a job;

Unveiling the strategy the Chancellor said:

“In 1997, our analysis shows that this Government inherited a shocking situation of child poverty in Scotland. We must put an end to poverty being passed down from generation to generation and give all our children the best start in life.

“Our strategy to tackle child poverty is to support work but it is also to support families when they need it most. The evidence on child poverty also shows the need for early intervention to give very young children the best start in life. It also shows the need both for financial support and for proper support services – health, education and social services – to help families.

“We have allocated £42 million to local authorities to help give very young children in our most deprived areas a better start in life. Some of the money will be used to expand family centres which offer not only childcare facilities and play facilities but access to professional support for those who need it.”

Support will come from:

WORK

• +350 million for the New Deal in Scotland helping families make the move from welfare to work;
• the new Working Families Tax Credit which will guarantee a minimum income of +200 for families in Scotland. WFTC will benefit 140,000 Scottish families – 45,000 more that were previously entitled to family credit;
• introduction of the National Minimum Wage; and
• the new 10 pence rate of income tax, the cut in the basic rate to 22 pence and reform of National Insurance.

SUPPORT FOR FAMILIES

• increase in the rates of support for children under 11 (within WFTC and income-related benefits) by £5.75 over the next year;
• a new Sure Start Maternity Grant of £200 linked to contact with a healthcare professional;
• increases in Child Benefit – by next year it will be worth +15 for the first child and £10 for the second and any subsequent children;
• introduction of a new Children’s Tax Credit which will be worth up to £416 a year; and
• as a result of these measures spending on children in Scotland will increase by £500 million a year.

EDUCATIONAL DEVELOPMENT

• a £42 million investment to improve the provision of services for children in their early years;
• an additional £510 million will be invested in education in Scotland; and
• there will be new measures to raise educational achievement level of all children.
• The Chancellor made a speech to the Convention of Scottish Local Authorities at the Crieff Hydro Hotel.

The press release issued by HM Treasury on 17 March 1999.

A consultation document on the financial promotion regime under the Financial Services and Markets Bill is published by the Treasury today.

Announcing publication, Economic Secretary Patricia Hewitt said

“The regulation of the promotion of financial services is an important aspect of the new regulatory regime on which full consultation is needed. Now that shares, insurance and banking can be promoted on the Internet, the old rules on investment advertisements and cold calling are becoming out of date. We need a new regime of financial promotion that is technologically neutral and can quickly adapt to future changes. We want to be able to take the best possible account of the views of consumers, financial services firms and companies – particularly smaller companies – seeking to raise capital.

We have therefore decided to consult in two stages. This consultation paper sets out various aspects of the approach we propose for the new regime, in particular our approach to exemptions from the prohibition on financial promotion by unauthorised persons. We will take careful note of responses in our preparation of secondary legislation, which will then be published for comment in a further round of consultation. In drafting the secondary legislation we intend, wherever possible, to avoid unnecessary regulation.”.

Comments on the consultation document are sought by 30 April 1999. Following a consideration of responses, the Treasury will publish a further consultation document containing draft legislation setting out exemptions from the prohibition on unauthorised persons making financial promotions.

The press release issued by HM Treasury on 7 March 1999.

The Chancellor Gordon Brown tonight set out a four point plan to help the world’s poorest countries.

The four point plan is to:

• Cut the debt
• Increase the aid
• Give a billion
• Sell the gold.

Mr Brown also referred to his forthcoming Budget on Tuesday. He said:

“One theme of my Budget is the same as my theme tonight – that supporting families by supporting children is not only a good in itself but the best investment for any country in its future.”

The Chancellor went on to outline his four point plan for helping the world’s poorest countries. He said:

“To build anew we make four demands of Governments and of ourselves:

“These are a set of new and practical challenges to take out into the world – not just a call that might bring people to their feet – but a demand that must bring Government to their senses everywhere.

“It is now time not just to agree a Millennium target for the numbers of countries gaining debt relief, but for the actual and total amount of debt which will be wiped out, dramatically cutting the debts of the world’s poorest countries in a way that will allow them to borrow what they need in the future, in reasonable amounts, and at reasonable rates, which they can realistically expect to repay.

“Until last year, only a few billions of debt had been wiped out, tragically forcing too many countries to spend more in debt interest payments than they could afford.

“Our proposed reforms, if implemented by the major countries will, in 22 months, wipe out $50 billion of debt over the coming years, releasing resources from debt servicing for productive development.

“It is time to ensure that – as the UK has already been doing – all donor countries write off their aid loans to the poorest countries, debts that poor countries cannot and should not have to pay.

“It is also time to ensure that when a decision to relieve debt is agreed, countries do not have to wait three years – three more years of misery – but get the full benefit of debt relief immediately.

“Second to pay for the new fast track approach will require the sale of at least $1 billion of IMF gold”

“When the poverty is so immediate, the need so urgent, the suffering so intense…….”

“We cannot – we must not – bury the hopes of a quarter of humanity in lifeless vaults of gold.”

“Because debt reduction, poverty reduction and economic progress must go together, the billions saved from debt payments must not be wasted on weapons or lost to corruption but they must be invested in health, education and economic development.”

“Our goal, cutting in half the proportion of the world’s population living in absolute poverty by 2015 demands urgent action, indeed sacrifice, from the world’s richest countries.

“For our part the British Government will increase aid – by 28% in real terms or #1.6 billion over the next three years – and Clare Short will re-direct that aid to areas of urgent need.

“We should ensure that next year as we wipe out billions of debt at least $60 billion will go from rich countries, to poor countries, $60 billion for the healing of people, the teaching of children and the creation of economic opportunity.

“And just as Governments can do more. So can each of us as citizens.

“Today British people give #220 million a year to developing countries, nearly #450 million over a two year period. I want us to raise that to #650 million, or $1 billion before the end of the year 2000.

“To match the donations of every individual to third world charities we have set aside #60 million pounds in Millennium Gift Aid.

“The relief is to the end of 2000 – to mark the Millennium by asking people in this country to give more of themselves to those many who have little.

“For every #100 a family or individual gives, the Government will give an extra #30 – and make the money go further.”

“Now as never before our generation has, within its grasp, the means to eliminate abject poverty once and for all. We must seize it.”

The Chancellor praised the churches for their work:

“For your work from the human chain that enveloped Birmingham last year to the missionary work and sacrifice in the farthest corners of the globe every year, we thank you – for the width of the individual generosity you show, the breadth of the national campaign you have led, the sweep of your achievement so far.”

The press release issued by HM Treasury on 5 March 1999.

The operation of the FSA would be guided by the principle of a light touch where possible with protection where necessary, Chief Secretary Alan Milburn said today.

Mr Milburn was announcing the Government response to the extensive consultation on the Financial Services and Markets Bill, published in draft form in July 1998. Publication today of a progress report on the Bill confirms that the consultation has resulted in significant improvements to the draft Bill including:

– a framework for fair and transparent disciplinary procedures

– improving the requirement for the FSA to consult on and assess the cost of new regulations

– ensuring that the FSA is properly accountable, with annual public meetings and assessment of its performance against its objectives by practitioners as well as consumers.

Mr Milburn said:

“I am immensely grateful to the many organisations and individuals who took part in the consultation about the Bill.

“The consultation has revealed widespread support for our proposals and we have been able to take on board some significant suggestions for improvements to the Bill.

“By creating a single regulator the Bill will streamline regulation for the financial services industry while affording proper protection for the consumer. Our presumption is in favour of light touch regulation where possible with protection where necessary. I know
that Howard Davies who has made excellent progress in setting up the FSA fully shares these objectives.

“Overburdensome regulation would stifle innovation and increase consumer costs. The Bill will enhance the competitiveness of the industry while ensuring better protection for financial services customers.

“Nobody should be in any doubt that we will be tough on City crime, malpractice and abuse, and that we will give the FSA the powers it needs to deal with it.

“The changes we have made as a result of consultation will ensure that the FSA uses its powers responsibly and accountably.

“Our plans will enhance the City’s already good reputation and will make the FSA an international model for modern regulation.

” The Government’s progress report will now be sent to the joint committee established by Parliament to scrutinise the Bill. The Committee, chaired by Lord Burns and drawn from both the House of Lords and the House of Commons, met for the first time this week. It is due to finish its pre-legislative scrutiny at the end of April after which the Bill will commence its Parliamentary stages as soon as possible.

The press release issued by HM Treasury on 3 March 1999.

A four point plan to help relieve the debts and aid poverty reduction programmes in the world’s poorest countries was unveiled today by the Chancellor Gordon Brown and Clare Short, Secretary of State for International Development.

At a meeting in Downing Street, with representatives of the faiths, the Chancellor stressed that to improve the lives of people in the poorest countries required a mobilisation of the world community.

The Chancellor and the Secretary of State announced a four point plan:

CUT THE DEBT

A target for committing ourselves by the end of the year 2000 to reducing third world debt by a massive $50 billion. This reduction could be achieved by changes to the IMF/World Bank’s Heavily Indebted Poor Countries (HIPC) initiative to bring faster, deeper and wider debt relief.

BOOST THE AID

A call to the developed countries to increase its aid flows to poor countries to $60 billion by the year 2000 to help in social, health and education programmes to reduce poverty.

GIVE A BILLION

A challenge to non-governmental organisations to increase their aid to $1 billion by the end of the year 2000. The Government will be helping through Millennium Gift Aid which will allow charities to claim tax relief on donations of 100 Pounds to support educational and anti-poverty projects in the world’s poorest countries.

SELL THE GOLD

Supporting the sale of $1 billion of IMF gold to fund enhanced debt relief through the HIPC initiative.

The Chancellor said:

“The UK will go into the Millennium with targets to increase debt relief, international development assistance and charitable giving to the world’s poorest countries. Together, these proposals can go a long way towards helping to eliminate poverty in the developing world.

“But this will require a mobilisation of the world community – international organisations, governments in the developed and the developing world, charitable organisations and individuals.

“This will be a true partnership in action – a Millennium Challenge for all – so that as we enter the new century we take a major step towards wiping out unsustainable debt and poverty with it.”

NOTES TO EDITORS

1. Background on each of the four points of the plan: CUT THE DEBT; BOOST THE AID, GIVE A BILLION AND SELL THE GOLD are attached.

CUT THE DEBT

A UK Target For Reducing Third World Debt By $50 Billion By The Year 2000

Last week the Chancellor announced that the British government would be pressing for a new debt relief package in the run up to the Millennium. His proposals, if agreed to by the major countries, would involve a commitment by the end of 2000 to reduce the debt burden of the world’s poorest countries by $50 billion.

This massive reduction in the debts owed by developing countries to the developed world would be achieved through a number of different changes to existing debt relief mechanisms:

Changes to the IMF/World Bank’s Heavily Indebted Poor Countries (HIPC) initiative. The UK has secured a fundamental review of the HIPC initiative, which is due to take place this year. Alterations to HIPC proposed by the UK include:

Reassessing the current debt sustainability ratios in order to provide deeper and wider debt relief.

Shortening the timetable for debt relief. Countries currently only receive the benefits of debt relief after 6 years. We are pressing for this timescale to be halved in order to provide quicker debt relief for the most highly indebted countries.

IMF gold sales

Raising the ceiling on debt relief. The UK is pressing for all creditor countries (members of the Paris Club of official creditors) and International Financial Institutions to agree to go above the traditional 80% ceiling on debt relief where necessary.

The UK will be pressing for the resources released from debt repayments as a result of this initiative to be invested in health, education and poverty reduction programmes in the countries concerned. In this way, the governments of the developing countries themselves will be brought in to our Millennium challenge.

INCREASE THE AID

A UK Call For The Developed World To Increase Its Aid Flows To Poor Countries To $60 Billion By The Year 2000

Last year it was announced that the UK aid budget was to be increased by 28% in real terms, raising the budget to over 3 billion Pounds a year for the first time – implementing the British Government’s pledge to reverse the decline in development assistance.

However, the international trend is very different. Aid from Western governments to developing countries has been declining in recent years. Indeed, in 1997 there was a 14% decrease in aid flows from western governments to the third world.

That is why the Government will be pressing, as part of a Millennium Challenge, for the western community to step up its aid contributions to the developing countries. Our target will be for official development finance from western governments to governments of third world countries to be increased to $60 billion by the year 2000.

This increased finance to the poorest countries will also be reinforced by reductions in annual debt repayments as a result of our $50 billion debt stock reduction.

This aid target will enable us to tackle poverty effectively and to make a lasting difference to the lives of poor people. A key point to communicate in any campaign in this area is that debt relief, and the UK’s role in pushing for it, is only a part of the overall solution. Debt relief must be seen as one of a number of mechanisms that are being used to support those countries which are themselves committed to eliminating poverty and to increasing social expenditure, particularly on health and education.

GIVE A BILLION

A Challenge To UK NGOs To Increase Their Donations To Developing Countries To $1 Billion For The Millennium

The Chancellor and the Secretary of State for International Development have challenged UK NGOs to increase their aid flows to the world’s poorest countries by a similar proportion to the Government’s efforts on debt relief, raising the total to $1 billion over two years.

The Government is encouraging and facilitating the NGO target by introducing Millennium Gift Aid. This scheme provides for tax relief to be claimed by UK charities on donations of over 100 Pounds to support education, health and anti-poverty projects in the world’s poorest countries. This means that money donated goes further. Every 100 Pounds donated becomes 123 Pounds, or 140 Pounds. The relief is time-limited to the end of the year 2000. This is to take the opportunity presented by the Millennium to ask people in this country to give to those in poor countries who are less fortunate than ourselves.

Over 260 UK charities have already registered for Millennium Gift Aid.

Official statistics show that aid agencies are currently donating a total of $330 million in private aid flows every year. To raise that amount to $1 billion for the Millennium, NGOs together would have to boost their efforts by 100 million Pounds a year for two years.

This money should be put directly to work in the poorest developing countries.

SELL THE GOLD

A Campaign To Lobby The IMF To Sell Some Of Its Gold Reserves, Invest The Proceeds And Spend The Interest On Increased Debt Relief

The IMF holds several billions of gold. The UK has consistently argued that a proportion of this gold should be sold in order to pay for an enhanced Heavily Indebted Poor Countries (HIPC) initiative. To date, there has been no international agreement.

The UK would support the sale of at least $1 billion of IMF gold in order to fund an enhanced HIPC initiative, and more if necessary. The IMF gold would be sold and the money reinvested in an interest bearing asset. The interest would then be used to fund debt relief.

The press release issued by HM Treasury on 3 March 1999.

The Treasury announced today a research contract designed to identify and track major trends in flows and charges as the market for Individual Savings Accounts (ISAs) develops after the launch on 6 April.

The research will involve surveying ISA providers, including measuring the extent to which CAT standard products are sold. The Treasury invites firms approached by the consultancy conducting the research to assist this important exercise by providing data for the survey. This will not identify contributing firms by name.

To provide a baseline for the first year of the ISA, it will also involve conducting a similar assessment of the final weeks of the present market, including PEPs. The Treasury, Inland Revenue and Financial Services Authority will use the results of the research for policy evaluation. The research will be carried out by the McKinsey consultancy.

The press release issued by HM Treasury on 29 April 1999.

The Treasury welcomed publication today of the report of a pre-legislative joint Scrutiny Committee of the Lords and Commons, chaired by Lord Burns.

Economic Secretary Patricia Hewitt said :

“This report shows that our innovative and open approach to consultation and pre-legislative scrutiny is really working. Its publication sets the scene for introduction of the Bill into Parliament.

“We commend the Committee for a very thorough inquiry, and are grateful to the many organisations which gave evidence. The Committee has broadly endorsed the approach to reform set out in the draft Bill published last year, and the improvements announced in the light of public consultation. They have also made constructive recommendations for further improvements, which we will consider carefully before responding.”

The Committee has proposed a limited extension of its inquiry to enable it to complete its inquiries into possible implications of the European Convention on Human Rights for the new fines regime for market abuse. It will report on these issues by the end of May.

Supporting the proposal, Ms Hewitt said:

“The Government attaches great importance to compatibility with the ECHR, which is why we acted to incorporate the Convention into UK law. We agree that the Committee should have the opportunity to examine fully this aspect of the draft Bill before it is introduced, and we shall be submitting further evidence to the Committee. The further report they will then make will be another important step in getting the Bill into law”

The press release issued by HM Treasury on 26 April 1999.

Dr Sushil Wadhwani has been appointed to the Bank of England’s Monetary Policy Committee, the Chancellor Gordon Brown announced today.

Dr Wadhwani is currently Director of Research at Tudor Proprietary Trading L.L.C., a fund management company. He is also a partner and a member of the management committee of the Tudor Group.

He was educated at the London School of Economics (LSE), was Reader in the Working of Financial Markets at the LSE from 1984-91 and subsequently Director of Equity Strategy at Goldman Sachs International from 1991-4.

Dr Wadhwani will take up his membership of the MPC on 1 June. He will replace Sir Alan Budd who has been appointed Provost of The Queen’s College, Oxford.

The Chancellor also announced that Ian Plenderleith (Executive Director, Financial Market Operations at the Bank) has been reappointed to the MPC for a further three year term.

Gordon Brown said:

“I am delighted that Sushil Wadhwani has agreed to join the Monetary Policy Committee. He will bring not only recognised expertise in the field of labour market economics, but also considerable experience of financial markets.

“I am very grateful to Alan Budd for his invaluable contribution to the Committee’s work in its formative first years, and wish him well in his new post at Oxford.”

NOTES TO EDITORS

1. Dr Wadhwani’s CV is attached.

2. The Chancellor announced the establishment of the MPC as part of a new framework for monetary policy on 6 May 1997.

3. Operational decisions on interest rate policy are made by the MPC. It comprises the Governor of the Bank of England, the two deputy Governors, two members of the Bank with responsibility in the Bank for monetary policy and market operations and four outside members with relevant expertise who are appointed by the Chancellor.

4. Members of the MPC are appointed to the Bank staff. However they may engage, with the permission of the Chancellor, in outside activities which do not present a conflict of interest. In Dr Wadhwani’s case, on taking up his new role he will cease to be an employee of Tudor.

CURRICULUM VITAE

Name: SUSHIL B WADHWANI

Date of Birth: 7 December 1959

Nationality: British

UNIVERSITY EDUCATION

The London School of Economics, Houghton Street, London WC2A 2AE

1. 1977-1980 BSc Economics
Special Subject: Mathematical Economics and Econometrics
1st Class

2. 1980-1982 MSc Economics
Econometrics
Distinction

3. 1985 PhD

EMPLOYMENT

1. Current Position – February 1995 – Date

Director of Research and Partner of The Tudor Group

2. March 1991- January 1995

Director of Equity Strategy at Goldman Sachs International Ltd Ranked as No.1 Strategist in the Institutional Investor Survey

3. October 1984- September 1992

Reader/Lecturer in Economics at the London School of Economics

(On special leave during March 1991 – September 1992)

OTHER ACTIVITIES

1. Member of HM Treasury’s Academic Panel on Product Markets (1995-1997)

2. Member of the Clare Group of economists (Since October 1986)

3. Research Fellow, Centre for Economic Policy Research (1986-1997)

4. Editorial Board member of New Economy (1994- )

5. Member of the Editorial Board of the Review of Economic Studies (January 1987- March 1991)

6. Assistant Editor of Economic Policy (October 1987 – October 1988)

7. Academic Consultant to Goldman, Sachs & Co. (July 1987 – February 1991)

8. Visiting Lecturer to City University Business School (MBA, Stock Exchange Programme, 1987-1989)

9. Academic Consultant to HM Treasury’s Company Sector Research Group (1985-1987)

Academic Awards

Allyn Young Prize
CS MacTaggart Scholarship
Clothworkers’ Company Exhibition
Gonner Prize
Raynes Undergraduate Prize
Sir Edward Stern Scholarship
Ely Devons Prize
Sayers Prize

Research Papers Published:

‘Incomes Policy in a Political Environment: A Structural Model for the UK, 1961-1980’, with M Desai and M Keil, in A Hughes-Hallett (ed), Applied Decisions Analysis and Economic Behaviour; Advanced Studies in Theoretical and Applied Econometrics, Kluwer and Neijhoff, 1984.

‘Wage Inflation in the UK’, Economica, May 1985.

‘Inflation, Bankruptcy, Default Premia and the Stock Market’, Economic Journal, March 1986.

‘The UK Capital Stock – New Estimates of Premature Scrapping’ with Martin Wall, Oxford Review of Economic Policy, August 1986

‘The Effect of Inflation & Real Wages on Employment’, Economica, February 1987

‘The Macroeconomic Implications of Profit-Sharing: Some Empirical Evidence’, Economic Journal, March 1987.

‘Profit-Sharing & Employee Share Ownership’, (with Saul Estrin and Paul Grout), Economic Policy, April 1987.

‘Profit-Sharing as a Cure of Unemployment: Some Doubts’, International Journal of Industrial Organisation, March 1988.

‘Profit-Sharing & Meade’s Discriminating Labour-Capital Partnerships: A Review Article’, Oxford Economic Papers, September 1987.

‘Unions, Wages and Employment: Some Test on Micro-Data’, with S J Nickell, European Economic Review, paper and proceedings, 1988.

‘Incomes Policies: The British Experience’, in the International Economic Association volume on Incomes Policies.

‘The Stock Market & Investment: A Comparative Study’ with Mark Mullins, invited paper at International Seminar on Macroeconomics, European Economic Review, 1989.

‘The Economic Effects of Industrial Relations Legislation since 1979’, with W Brown, National Institute Economic Review, February 1990 (Clare Group Paper)

‘The Effects of Profit-Sharing on Employment, Wages, Stock Returns & Productivity’ with Martin Wall, Economic Journal, March 1990.

‘Insider Forces & Wage Determination’, with Stephen J Nickell, Economic Journal, June 1990.

‘Transmission of Volatility Between Markets’, with Mervyn A King, Review of Financial Studies, 1990.

‘The Effects of Unions on Productivity Growth, Investment & Employment: A Report on Some Recent Work’, British Journal of Industrial Relations, November 1990.

‘The Effects of Unions on Investment & Innovation: Evidence from WIRS’, with S Machin, Economic Journal, March 1991.

‘The Effects of Unions on Organisation Change & Employment: Evidence from WIRS’, with S Machin, Economic Journal, June 1991.

‘A Direct Test of the Efficiency Wage Model Using UK Micro-Data’, with Martin Wall, Oxford Economic Papers, 1992

‘Semi-parametric Estimation and the Predictability of Stock Market Returns: Some Lessons from Japan’, (with E Sentana) Review of Economic Studies, 1991

‘Employment Determination in Industry: Evidence from Micro-Data’, with Stephen J Nickell, Review of Economic Studies, 1991.

‘Productivity Growth in Britain, 1974-86: Evidence from Company Accounts Data’, with S Nickell and M Wall, European Economic Review, 1992.

‘Feedback Traders & Stock Return Autocorrelations’, with E Sentana, Economic Journal, March 1992.

‘A Heteroscedastic Factor Model of Asset Returns & Risk Premia with Time-Varying Volatility: An Application to 16 World Stock Markets’, with M A King and E Sentana, Econometrica, 1994.

‘The US Stock Market and the Global Economic Crisis’, National Institute Economic Review, No.167, January 1999.

Research Papers (Unpublished)

‘Risk & The Predictability of Stock Market Returns: Evidence from the UK’, with O Attanasio, LSE Financial Markets Group Discussion Paper No.49.

‘Can the CAPM Explain Why the Dividend Yield Helps Predict Stock Returns?’, with O Attanasio.

‘The Determinants of Wage Flexibility; Some Lessons from a Comparison Between the UK & Japan Using Micro-Data’, with G Brunello, Centre for Labour Economics, 2nd revision with Quarterly Journal of Economics.

‘The Effects of Inflation & Interest Rates of Stock Returns: Evidence from 3 Centuries of UK Data’, with M Mullins, LSE Financial Markets Group Discussion Paper.

‘Some International Evidence on Labour Cost Flexibility & Output Variability’, with Lawrence H Summers, Centre for Labour Economics Working Paper No.981.

‘The Effect of the Term Spread, Dividend Yield & Activity on Stocks Returns; Evidence from 15 Countries’, with M Shah, LSE Financial Markets Group Discussion Paper.

‘Has the ERM reduced the Cost of Capital?’ with E Sentana and M Shah, LSE Financial Markets Group Discussion Paper.

Other Published Papers

‘Will Profit-Sharing Work?’ with Saul Estrin, Employment Institute Pamphlet, October 1986.

‘On the Inefficiency of Financial Markets’, LSE Quarterly, March 1988.

‘Comment’ on R Roll ‘Price Volatility, International Market Links & Their Implications for Regulatory Policies’, Journal of Financial Services, 1989

The press release issued by HM Treasury on 21 April 1999.

The launch of the second Invest to Save Budget (ISB) bidding round, promised in the Modernising Government White Paper, was announced today by Chief Secretary to the Treasury, Alan Milburn, and Minister for the Cabinet Office, Jack Cunningham.

The ISB is allocating £230m over the next three years for projects which look for new ways of delivering public services through joint working between public sector bodies.

Commenting on the launch, Mr Milburn said:

“The first bidding round demonstrated how the Invest to Save Budget can kickstart new and exciting ways of delivering public services. 33 projects are being supported which will deliver better and higher quality services through collaboration in the public sector.

We want to build on this positive start in Round Two. We have thrown open the competition to the public sector as a whole. This will enable local authorities and health authorities, among others, to bid for funds alongside Government departments.

This will tap the huge potential for new alliances to be forged across traditional service boundaries. Such cooperation will bring improvements both in quality and efficiency. Invest to Save encourages public sector managers to think imaginatively about how they provide services. The beneficiaries are public service users and the taxpayer.”

Adding to this, Dr Cunningham said:

” Our White Paper on Modernising Government, published on 30 March, set out our commitment to delivering services and programmes which are not only efficient and effective but are also joined-up and responsive. People are rightly impatient about the barriers to effective and convenient service which stem simply from the way government is organised.

The White Paper set out how we intend to deliver services that respond to users’ needs. The second ISB bidding round is one of the first steps we are taking to carry this forward.

The ISB supports working examples of what we mean by modern public services. And it helps to pilot new ways of collaborative working which have the potential for wider application.”