Tag: Press Release

The press release issued by HM Treasury on 14 April 1999.

Further Clauses of the draft Financial Services and Markets Bill were sent to the Joint Committee of the Houses of Lords and Commons by the Treasury today. This will enable the Committee to complete their deliberations on the basis of a more complete draft than was available when the Bill was published last Summer. The draft clauses relate to proposals in last July’s consultation document on the Bill but were not available for consultation at the time.

Commenting on the publication of the clauses, Economic Secretary Patricia Hewitt said,

“This is a further very important stage in getting into place comprehensive legislation to achieve our objectives in reforming financial regulation”.

The additional Parts of the Bill sent to the Joint Committee are:

• official listing
• collective investment schemes
• disclosure of information
• insolvency.

The Joint Committee is due to report on the Bill by the end of April, after which the Government intends that it will be introduced into Parliament as soon as possible.

The press release issued by HM Treasury on 14 April 1999.

New guidance on Trading Funds’ participation in Joint Ventures was launched today by Financial Secretary Barbara Roche to make it easier for some public research establishments and institutes to unlock the potential of science and to commercialise their research through equity joint ventures.

Speaking at a joint Treasury and Arthur Andersen conference at Islington’s Design Centre to promote the commercialisation of public sector intellectual property, Barbara Roche called for better use of public assets and for groups of public sector
research establishments to enter into partnerships through selling their services into the wider market place.

“Science is one area that offers huge potential for the development of new partnerships between public and private sectors. We need to develop ways in which they can work closer together to exploit our many under-used public sector resources.

“Links between university research and business are well advanced. But there are many research institutes and agencies run by departments and Research Councils. These institutes and the role they play is less widely understood than that of the universities but potentially very important for the economy.

“By making better use of publicly-funded research and development we can stimulate the development of leading edge British companies and high quality employment. Today’s conference marks another important step in the development of our science base.”

The purpose of the guidance note is to provide a source of reference on whether and how the operations of Government Departments financed through trading funds can be discharged through joint ventures under the terms of the Government Trading Funds Act 1973. It considers:

• the legal status of trading funds;
• the implications for joint ventures;
• some potential risks and difficulties associated with joint ventures;
• some pointers for minimising difficulties.

The press release issued by HM Treasury on 13 April 1999.

Investment in modernising Britain’s infrastructure is set to double over the next three years, the Government announced today.

Launching a summary of new Departmental Investment Strategies, Chief Secretary Alan Milburn highlighted capital funding for schools, hospitals, transport and housing as key priorities.

He commented:

“When this Government was elected we inherited a legacy of under investment in the nation’s infrastructure. Hospitals, schools, transport and housing had all been neglected.

“We are reversing that decline in a way that is consistent with our prudent approach to public spending.

“There is now an emphasis on long term capital investment as part of the Government’s modernisation programme for our key public services.

“We are investing for the future.”

Public sector net capital investment will double between 1999 and 2002, with an extra £12.5 billion being made available. On top of that, public private partnerships, including the Private Finance Initiative, will lever in a further £11 billion.

Each Government Department has drawn up a Departmental Investment Strategy (DIS) to set out how extra capital investment will be spent, assets managed and use of public private partnerships encouraged. Each DIS explains how capital investment will contribute towards tangible improvements in public services.

Today’s summary document highlights some of the key investment areas, including;

• £1.5 billion to modernise schools including £700 million on IT investment. This is on top of the £1.3 billion of windfall tax revenues allocated to the New Deal for Schools from which 7,500 schools have benefited
• an extra £1.0 billion for the NHS on top of the biggest ever new hospital building programme. Since May 1997, 31 major hospital projects have been given the go ahead. 8 of these will be in service by 2001
• an additional £1.7 billion to underpin a new integrated transport strategy
• over 1.5 million council houses to benefit from the extra £3.6 billion made available to start tackling a backlog of investment.

The Government’s new emphasis on long term capital investment will see public sector net investment rising from 0.4% of GDP to 1% of GDP by 2002.

This increased investment in Britain’s infrastructure will also help tackle the productivity gap that has opened up between this country and our competitors.

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

The new 10p rate of tax comes into force today – the lowest starting rate of tax for over 35 years.

Chancellor Gordon Brown today welcomed the new rate of tax:

“My Budget in March introduced tax cuts for a purpose – to make work pay, encourage enterprise and support families. And so from today, all taxpayers will see the benefit of the promises the Government has made to the British people. We are delivering on those promises to get a better deal for Britain.

“The new 10p rate – the lowest starting rate of tax in Britain for more than 35 years – will make work pay and help people, especially those who are low-paid, to keep more of the money that they earn.

“People will see the benefit of the new 10p tax rate in their first pay packet after 17 May – just a few weeks from now.

“As a result of the new 10p rate, 1.8 million low-paid workers will see their tax bills halved as a result – a gain of up to £150 a year. And from today too, every worker in Britain who pays national insurance will have their tax bills cut by £65 a year, because of the reforms we have made to national insurance contributions.

“When we make promises, we keep them.”

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

All charities helping refugees from Kosovo are to benefit from an extension to the Millennium Gift Aid scheme, announced Chancellor Gordon Brown today.

The extension means that donations to charities helping Kosovan refugees will from today come within the scheme, regardless of where the refugees are situated.

Chancellor Gordon Brown said:

“Everyone has been moved by the plight of the people of Kosovo. Many charities in the UK are already swinging into action in response to the crisis. This change to the Millennium Gift Aid scheme will enable taxpayers in the UK to do their bit to help and ensure that Government money backs up their donations.”

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

Measures to give incorporated friendly societies greater flexibility in extending the range of permitted services available to their members were announced by the Economic Secretary Patricia Hewitt today.

These proposed measures will allow friendly societies :

• own subsidiaries which may themselves, in turn, have a subsidiary or more than one level of subsidiary;
• to own subsidiaries formed in non-EC countries.

Commenting on the proposals, Ms Hewitt said :

“Friendly societies carry out invaluable work by encouraging saving, especially by those of modest means. The movement has asked for the restrictions on subsidiaries to be lifted. The Government has listened and acted. These changes will enable societies to more easily set up or acquire subsidiaries, providing a wider range of services for their members.”

The proposals are outlined in a consultation document, “Proposed Amendments To The Friendly Societies Act 1992”. The proposed changes can be made through a Deregulation Order under the Deregulation and Contracting Out Act 1994. The consultation period ends on 30 July 1999.

The press release issued by HM Treasury on 31 May 1999.

Own a small car? Or thinking of buying one? This may help – from today, the Vehicle Excise Duty (VED) on vehicles with an engine of 1100cc or less is cut to £100 – a saving of £55.

1.8 million cars in the UK will benefit from the reduced rate, said Economic Secretary Patricia Hewitt today:

“Size obviously does matter – and those people with smaller, cleaner cars will from today reap the benefit of a significant cut in VED.

“Safeguarding the environment and protecting people’s health is a major commitment of this Government – and using the tax system to encourage people to use environmentally-friendly cars is one way to do this.

“Today’s cut is only the first step in a major reform of the VED system. From autumn 2000, a completely new system will be introduced for new cars, where owners will pay according to their car’s rate of CO2 emissions. This Government is sending a clear and strong environmental signal to motor manufacturers and owners alike that measures will be taken to protect the environment.”

NOTES TO EDITORS

1. In the 1998 Budget, the Chancellor promised to introduce a system of graduated VED for cars, to encourage people to manufacture, use and buy more fuel-efficient vehicles. Today’s reduced rate is the first step of that commitment. A graduated VED system for new cars based primarily on their carbon dioxide emissions will apply from autumn 2000.

2. The models of cars that will qualify for the reduced rate include:

• the lowest engined-sized models of the Vauxhall Corsa, Volkswagon Polo, Volkswagon Lupo, Nissan Micra, Fiat Seicento, Toyota Yaris, Suzuki Alto, Suzuki Swift, Suzuki Wagon R, Daihatsu Cuore, Daihatsu Move, Daihatsu Sirion, Hyundai Atoz, Daewoo Matiz, Seat Arose, Perodua Nippa and Citroen Saxo.
• There will also be a number of older models of Minis, Ford Fiesta Populars, Metros, Fiat Pandas, Fiat Unos, Citroen AX and Peugeot 106 that will qualify.

3. Around 8 per cent of all the cars in the Private and Light Goods vehicle class have engines up to 1100cc – around 1.8 million cars will therefore be eligible for the £55 reduction.

4. The DVLA have written to motorists who will benefit from the lower rate inviting them to relicence at the reduced rate from today and (where appropriate) claim a refund on their current licence. The Post Office will deduct the refund due on their current licence from the cost of their new one.

The press release issued by HM Treasury on 25 May 1999.

Proposals to improve financial literacy and consumer awareness of mortgages, pensions and other savings investments starting at school age have been welcomed by Economic Secretary Patricia Hewitt.

Welcoming the initiative, developed by the Financial Services Authority (FSA) under its consumer protection and awareness remit and due to be published later this week, Ms Hewitt said:

“Savers and investors are often intimidated by the complexity and range of financial services products available. They need to understand them better to have the confidence to use them effectively. The new role in consumer education for the FSA is a major step forward towards achieving wider understanding and confidence in the financial services industry.

“Helping young savers to learn about savings opportunities and providing league tables for authorised investment products are two ways which the FSA is already developing to improve public awareness of what effective savings products can do for them. At the same time, increased confidence will help the financial services industry to continue to develop the range of products and services it can offer them.”

Speaking about the wider role of the new FSA at the Securities Institute, she added :

“But the new regime we are proposing is about more than just individual consumers. An efficient and effective financial services industry is vital for prosperity, stability and international competitiveness. Millions of people depend on the availability of modern financial services and fair and honest markets and advice. Consumer confidence is the key to success, and simpler, more effective regulation is central to that.

“The FSA will not just be a new regulator: it will be a new kind of regulator. Its new role will cover improving market confidence; protecting savers and investors through increased financial literacy and better consumer education as well as by regulating those involved in financial services; and reducing financial crime.

“It will deliver effective and proportionate regulation of financial services, with a light touch in regulation to minimise burdens on financial services providers but effective consumer protection where necessary. It will offer regulation that works with the grain of customer needs and industry innovation and development: a winning formula for both.

“There will be a single ombudsman scheme to deliver better access to redress when things do go wrong, together with effective safeguards in the disciplinary and market abuse provisions which will ensure effective regulation and increase confidence in the UK industry as the place to do financial services business.

“The FSA will promote public awareness of the financial system, with better understanding of the benefits and risks of the various ways to save and invest, with easy to understand, authoritative information. This will help more people to benefit from savings and investment through better understanding of the financial services market place, encouraging them to demand simpler, cheaper and more flexible products.

“The FSA is already delivering on this. It has published guides to financial advice, pensions, ISAs and the euro, and set up public enquiry points and pensions review help-lines. And as part of its strategy for promoting public understanding of the financial system it has also:

consulted widely on a consumer education strategy to deliver savings education to young savers;
looked at effective ways to improve financial literacy for adult savers so that they can ask the right questions of those selling them financial products; and is developing ideas for league tables of authorised investment products, which could cover cost, access and other terms, enabling consumers to compare products and get the best deals.

“These are all welcome developments. They show that the FSA is already working for the industry and for savers and investors. It is at the heart of our drive towards a new kind of regulation, achieving even higher standards and improving professionalism in the financial services industry.

“We already have one of the best financial services industries in the world, setting standards which other still aspire to. But this should not make us complacent: markets change, technologies develop, consumer requirements grow.

“We must continually strive to find further means to increase professional and consumer confidence and enhance the reputation of the industry at home and abroad. The Financial Services and Markets Bill which will shortly be going before Parliament is a major step towards that goal.”

The press release issued by HM Treasury on 20 May 1999.

A $2,000 million Millennium Trust Fund to speed up the debt relief process and cut the debts of the world’s poorest countries by $50 billion by the end of the year 2000 has been called for today by the Chancellor Gordon Brown and Clare Short, Secretary of State for International Development.

The aim of the Trust will be to fund over time a more ambitious programme of faster, wider and deeper debt relief which will remove a country’s unsustainable debt burden and allow resources to be reallocated to programme that reduce poverty.

To support the new Trust Fund the Chancellor and Ms Short challenged the world’s richest countries to increase their contributions to the HIPC Trust Fund and called on the European Commission to contribute resources from the European Development Fund (EDF).

The Chancellor said:

“We propose that the developed world should ensure that the Trust Fund has $2,000 million to meet the costs of an enhanced scheme. This is the final building block in our proposals, which will go the G7 meetings next month, to finance debt write-off by $50 billion by the end of the year 2000.

“We are convinced that resources from the EDF could make a major contribution to debt relief. They could be used to unshackle the poorest countries from their unsustainable debt burdens and allow those countries to tackle the greatest problem of our generation – the lack of primary education and healthcare for the poorest and most deprived. To provide the key that will unlock the door to chronic poverty”