Tag: Press Release

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

Greater co-operation in tackling abuse of financial rules and regulations in cross-border dealings involving UK and Russian investors and investments will be provided through an agreement which has been signed between UK regulatory authorities and the Russian Federal Commission for the Securities Market, Economic Secretary Melanie Johnson announced today.

Welcoming the announcement, Miss Johnson said;

“The increasing globalisation of financial markets requires regulatory authorities to work together in order to tackle abuses of rules, regulations, and laws which harm investors. This is the seventh bilateral agreement on financial regulation which we have reached with a non-EU country, and will reinforce the strength of the City of London as a major international financial centre.

“The Memorandum of Understanding between the Treasury, the UK Financial Services Authority, the London Stock Exchange, and the Russian Federal Commission for the Securities Market will do a great deal to develop financial relations between us and improve the effectiveness of regulation.

“This agreement will provide a framework allowing the authorities to assist each other, providing investors with greater protection and security. We hope that our agreement will promote mutual understanding, both in terms of the operation of markets and their regulation. The establishment of clear channels of communication and greater engagement between our authorities will be of mutual benefit, and will support Russian companies that wish to list on the London Stock Exchange.

“The fact that we have been able to sign such an agreement is testament to the strides taken by the Russian Federal Commission for the Securities Market to develop an effective regulatory system in the field of securities.

“The Federal Commission, headed by Dmitry Vasiliev, has taken a lead in Russia in defending the rights of investors and establishing the duties required of market participants. I look forward to the continuation of good relations between the UK and Russian regulatory authorities.”

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

The biggest shake-up of the tax and benefits system since Beveridge began today, as a major £12m advertising campaign was launched by Prime Minister Tony Blair and Chancellor Gordon Brown to promote the Working Families’ Tax Credit (WFTC) – a better deal for working parents.

WFTC, which replaces Family Credit and comes into effect on 5 October, will help 1.5 million families, including 3 million children, by providing a decent, living wage along with generous help with childcare costs. The advertising campaign encourages people to ring a freephone response line – 0800 597 5976 – to see how they’ll benefit.

WFTC will ensure that, from now on, a life in work will mean more than a life on benefits.

Gordon Brown said:

“The launch of the Working Families Tax Credit means the Government is not only integrating tax and benefits for the first time to tackle the causes of poverty but fulfilling an essential commitment of welfare reform – to make work pay. Our aim is that work will pay more that benefits. Working families will no longer need to apply to the social security office to take home a living income. And everyone benefits. The more people in work the less is paid out in social security, the better are the tax revenues and our ability to finance public services.

“On average the 1.5 million families receiving WFTC will get £24 a week more than they would have received under the old system. Around 3 million children will benefit.

“Our aim is to abolish family poverty for every family on WFTC, and ensure that every child has the best start in life.

“The WFTC marks a major landmark, not just in the reform of the tax system, linking tax and benefits but in welfare reform.”

The advertising campaign, which begins tomorrow, features a series of television and press adverts alerting people to eligibility for WFTC, providing information on how much they might be eligible for, and encouraging them to ring a freephone response line to get more information. The number is 0800 597 5976, and is open from 7am until 11pm.

The campaign, produced by St Lukes advertising agency, uses the concept of advocates – people we come into contact with everyday, such as lollypop ladies and ice cream sellers – to encourage information about WFTC to be passed on to the public.

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

The biggest shake-up of the tax and benefits system since Beveridge began today, as a major £12m advertising campaign was launched by Prime Minister Tony Blair and Chancellor Gordon Brown to promote the Working Families’ Tax Credit (WFTC) – a better deal for working parents.

WFTC, which replaces Family Credit and comes into effect on 5 October, will help 1.5 million families, including 3 million children, by providing a decent, living wage along with generous help with childcare costs. The advertising campaign encourages people to ring a freephone response line – 0800 597 5976 – to see how they’ll benefit.

WFTC will ensure that, from now on, a life in work will mean more than a life on benefits.

Gordon Brown said:

“The launch of the Working Families Tax Credit means the Government is not only integrating tax and benefits for the first time to tackle the causes of poverty but fulfilling an essential commitment of welfare reform – to make work pay. Our aim is that work will pay more that benefits. Working families will no longer need to apply to the social security office to take home a living income. And everyone benefits. The more people in work the less is paid out in social security, the better are the tax revenues and our ability to finance public services.

“On average the 1.5 million families receiving WFTC will get £24 a week more than they would have received under the old system. Around 3 million children will benefit.

“Our aim is to abolish family poverty for every family on WFTC, and ensure that every child has the best start in life.

“The WFTC marks a major landmark, not just in the reform of the tax system, linking tax and benefits but in welfare reform.”

The advertising campaign, which begins tomorrow, features a series of television and press adverts alerting people to eligibility for WFTC, providing information on how much they might be eligible for, and encouraging them to ring a freephone response line to get more information. The number is 0800 597 5976, and is open from 7am until 11pm.

The campaign, produced by St Lukes advertising agency, uses the concept of advocates – people we come into contact with everyday, such as lollypop ladies and ice cream sellers – to encourage information about WFTC to be passed on to the public.

The press release issued by HM Treasury on 6 September 1999.

Gordon Brown and Andrew Smith Announce £18 Million to provide Job Matching Services on the Internet

A new hi-tech £18 million scheme to link workers without jobs to jobs without workers has been announced today by the Chancellor Gordon Brown and Employment Minister Andrew Smith.

The new scheme will allow job seekers to browse the internet through terminals in Jobcentres, personal computers in homes, libraries, colleges and community centres as well as a ‘jobs’ channel on digital TV. The internet-based system will also list information on job seekers.

Announcing the scheme the Chancellor said:

“Since May 1997 over 400,000 jobs have been created and unemployment is now the lowest for 20 years. But the jobs market must work better.

“The next step is to improve the links between the jobs that need workers to the workers that need jobs. That is exactly what this new system aims to do. We are creating a jobs highway where job seekers will be able to see, at anytime and anywhere, what jobs are on offer.

“There can be no excuse for staying at home on benefit and not taking jobs on offer.”

David Blunkett, the Secretary of State for Education and Employment welcomed the new funding and said:

“This is excellent news. Modern IT facilities have a major role to play in backing up our drive to get people off welfare and into work. The new service is the shape of things to come, with easy access, tailored data provision and a two-way search process involving employers, as well as jobseekers.

The Employment Minister Andrew Smith said:

“Looking for work requires proper support from the Employment Service but also initiative on the part of those who are unemployed. Both of these will be made easier by the new on-line job-matching service.”

The benefits of the new system will be:

• for those seeking work, a jobs bank with a comprehensive list of current vacancies. It will also include links to non-Employment service websites to give widespread coverage;
• for employers, a CV bank containing data on those currently seeking work; and
• a search engine, which will allow job seekers to browse for jobs anytime and anywhere – not just in Jobcentres but also from personal computers at home, via a jobs channel on digital TV or at access points in colleges, libraries and community centres.

The new service is designed to enhance the effectiveness of the Welfare to Work initiative by expanding the choice available to young people and the long term unemployed who generally have less access to information on jobs available.

The £18 million investment has been provided through the Capital Modernisation Fund and will be delivered by the Employment Service. It will be used to develop the software for and delivery of an IT internet-based vacancy and CV service (£12 million) and to test different types of access equipment for clients to use (£6 million).

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

The Treasury today published guidance on how to assess the long term cost of Private Finance Initiative bids against the estimated cost of alternative services managed by the public sector.

The guidance sets out how the long term cost of PFI bids should be compared with the estimated cost of alternative services managed by the public sector and assuming the use of public sector capital investment.

Welcoming publication of Technical Note 5 “How to construct a Public Sector Comparator” Andrew Smith, Chief Secretary to the Treasury said:

“The new guidance will provide consistency and clarity for everyone involved in the development of schemes to improve front line public services.

“The Government’s purpose in using the PFI route is to improve public services in ways that offer value for money. Where PFI is unlikely to achieve these aims, services will be provided by direct capital investment. The new guidance will ensure greater rigour and consistency in decisions about whether to use PFI.

“Public sector comparators alone are not the basis for assessing value for money. The National Audit Office has always made it clear that PFI deals require a systematic evaluation of all the likely benefits and costs and I recognise their reports on early PFI transactions have helped to clarify the issues on which such guidance was needed.”

Mr Smith said that there were many benefits arising from the use of PFI deals and gave a number of examples. In a hospital, this could include the considerably faster delivery of modern facilities, on a single site, allowing NHS management to focus on the quality clinical services. Similarly in schools, parents would favour the benefits of teachers concentrating on raising educational standards without the distractions of inadequately maintained buildings and the disruption of winter boiler failures.

The new guidance reflects the intensive consultation with departments PFI contractors and the National Audit Office, whose reports on early PFI transaction helped clarify the issues on which such guidance was needed.

The press release issued by HM Treasury on 28 October 1999.

A seven point plan for Britain to lead the next stage of the Internet revolution was put forward today by the Chancellor Gordon Brown at the UK Internet Summit in London.

Building on his proposal to widen access to the Internet to poorer households the Chancellor said that Britain’s strengths in language, communications, education and innovation made Britain a potential world leader in the next stage. Mr Brown outlined the building blocks for Britain winning.

The seven points are:

*Greater economic stability.

The Chancellor said:

“The precondition for all else is, of course, macroeconomic stability so that businesses and individuals are able to plan for the long term.

“I believe that Britain now has a sound and credible platform of stability for which to achieve steady growth.”

*A more competitive environment, including a new Competition Authority

“This Government is reviewing every barrier to competition in the emerging e-commerce market. …In every area we are asking what we can do to enhance competition.

“We must ensure that the price of telephone use is not a barrier to greater Internet use, or lead to a divide between IT-haves and IT-have nots.

* The right legislative framework for e-commerce

“The Internet economy needs the right legislative framework for electronic commerce. We are determined to advance the Internet not just by implementing the best British legal framework but also by pushing for the best European framework to encourage competition, innovation and e-commerce.”

* Fourth, fostering innovation

“The Internet economy will need higher levels of private investment – not least in university science and commercial R&D, and in hi-tech start ups and skills.

“Corporate venturing has been vital in Silicon Valley and elsewhere – providing smaller high tech firms with a strong capital base, better skills and in marketing and management, and a greater market-reach. So, to help the large companies sponsor the development of the small, we are considering new incentives to promote corporate venturing.”

* Fifth, transforming education

“Success in the Internet age depends upon an educated economy. The extra £19 billion our country is now investing in education is designed to give everyone the opportunity to master the skills and technologies of the new information age.

“Next year we will double the money on IT in schools. We can now promise that by 2002 every school – rural and urban, rich and poor, north and south – all of our schools connected to that new world of knowledge. And parts of the National Curriculum will be taught through software accessed on the Internet, motivating all pupils.”

* Sixth, widening access for all

“We must make sure that the opportunities of new technologies are shared by everyone.

“We could have a society divided between information haves and information have nots. A society with a wired up superclass and an information underclass…. But the blessings of new technology give us the means to break down the walls of division, and the barriers of isolation.

“…in the new economy the more individual talent we nurture the more economic growth and prosperity we will achieve.”

* Seventh – modernising government – a public sector willing to innovate

“Businesses and individuals are responding to new technologies and the new challenges of the Internet age. Government must do the same.
“So we are restructuring our public services, from taxation to procurement, from health to our legal systems – organising government in new, innovative and more flexible ways.”

The press release issued by HM Treasury on 28 October 1999.

New research shows charities are losing out on tax benefits. Nearly 70 per cent of the UK population give to charity in a typical month but less than 10 per cent use the tax breaks for charitable giving.

The research published today looks into attitudes to giving to charity. It was carried out by the Inland Revenue, the Charities Aid Foundation and the National Council for Voluntary Organisations as part of the Government’s review of charity taxation.

Also published today was a summary of the 500 responses to the Government’s consultation document on how the tax system could do more to support charities.

Commenting, the Economic Secretary to the Treasury, Melanie Johnson said:

“The Government is committed to encouraging Britain to become a nation of givers. I believe that the tax system can do more to encourage greater giving to charity. But we need to make the tax incentives more attractive and up to date.

“We also need to raise awareness amongst donors, and the charities they support, about how they can benefit from those incentives. The research published today shows that there is still much to be done.”

Key findings show that only 43 per cent of the population are aware of the tax incentives for charitable giving. 13 per cent did not know how to use them and 11 per cent thought they would be too difficult to use.

There are issues for employers too. Less than 20 per cent said their employer offered a Payroll Giving scheme, even though giving through the pay packet is popular, especially with young people and those on lower incomes. Over 20 per cent of those whose employer did not offer this facility said they would give through their pay packet if they got the chance.

Turning to the Government’s current review of charities taxation, Miss Johnson said:

“I am very encouraged with the level and content of the responses to our consultation on modernising the charity taxation system and feel there is value in publishing a summary of the responses received. We will soon be announcing the changes to be made as a result of our review.”

The responses to the Government’s consultation document indicated a high level of consensus on key issues. There was strong support for proposals to encourage more people to give more to charity, including:

• reducing the maximum limit for Gift Aid donations to make the scheme accessible to more people;
• re-launching the Payroll Giving scheme with a promotional campaign.

The press release issued by HM Treasury on 28 October 1999.

Small companies will find it easier to access capital from ‘business angels’ under new proposals announced by the Chancellor Gordon Brown today.

In the second consultation document on Financial Promotion, under the new Financial Services and Markets Bill, the Government proposes to lighten the touch of regulation where companies are attempting to gain access to funding from sophisticated and high net worth private individuals – so called ‘business angels’.

Announcing the proposals at the UK Internet Summit, the Chancellor said:

“The City of London is one of the largest and highly regarded financial centres in the world. It is vital that we develop a regulatory regime to enable its continued growth and to promote innovation and development in an increasingly technological age.

“This paper demonstrates our commitment to helping start up companies in the information technology and other rapidly growing business sectors gain access to capital.”

The consultation document proposes an exemption for certain promotions to allow capital raising, in the form of shares or debentures, for small companies to individuals with:

• a minimum annual gross income of between £75,000 and £100,000 or;
• or minimum net assets (excluding principal residence) of between £200,000 and £300,000.

The UK has looked at the regulatory regimes in the US and Australia where ‘business angels’ have played an important part in financing business start-ups.

However, to ensure adequate protection for the ‘business angels’ the consultation document proposes that the promoter must disclose a number of important facts to potential investors including:

• an indication that the promotion has not been approved by an authorised person under the Financial Services and Markets Bill;
• the meaning of high net worth;
• a risk warning concerning the maximum amount which the investor could lose; and
• an indication that any investor who has any doubts should consult a suitably qualified adviser.

The Financial Promotion consultation paper proposes legislation which is designed to embrace the technological revolution and to keep up with increasing technological change in financial services, whilst maintaining appropriate levels of consumer protection and facilitating consumer choice. This paper is the second part of a two stage process begun in March this year. Today’s paper includes a draft statutory instrument for comment by interested parties.

The promotion rules proposed by the Government in this paper reflect new opportunities offered by the Internet. By including the exemptions in secondary legislation, the Government will be able to keep them up to date as technology develops, and to respond to EU and wider international developments.