Tag: Press Release

The press release issued by HM Treasury on 9 July 1998.

Helen Liddell speaks to Local Government Association Conference.

Local authorities have a key role to play in preparing their local business communities and must also prepare themselves for the introduction of the euro on 1 January 1999, Economic Secretary Helen Liddell said today.

Speaking at the Local Government Association Conference in Bournemouth the Minister said that as part of the public sector, local authorities were vital in ensuring the UK is ready for the introduction of the euro. She said:

“It is vital for local authorities to encourage local business communities to think strategically about theeuro, to prepare for its launch, and fit that into the changing economic environment.”

But she also emphasised that they themselves must be ready, particularly in the area of procurement policy. The Minister said:

“Public procurement policy will be a key area for consideration. Suppliers may expect to invoice in the euro. If you insist on paying in sterling there may be a premium to pay.

“Many of you will also be involved in public private partnerships, and other consortia. There may be pressure to deal in euros in some of these. It is vital to assess the implications.”

Mrs Liddell called on local authorities to pay their full part in the twelve regional forums that have been set up to identify key regional issues arising from the introduction of the euro. She said:

“We are setting up regional groups across the country to bring together key strategic partners with an interest in gearing UK business up to the challenge of the euro. I urge you to play a full and active part in ensuring they are a success.”

The Minister also pointed to the creation of a working group which brings together key local government representatives, chaired by the Department of Environment, Transport and the Regions. The aim of the group is to ensure that ongoing preparations and information about the euro is effectively communicated to local government.

On a national level, the Government was playing its part in preparations, including:

the creation of a Business Advisory Group to look at private sector preparations and a Euro-Coordinators Group to examine preparations in the public sector;

the Treasury Euro Preparations Unit which has already produced publications, set up a telephone help-line and a website; and

preparations for an advertisement campaign on television and in newspapers and journals to raise awareness and help make sure the UK is ready for the euro.

The press release issued by HM Treasury on 7 July 1998.

Independent Financial Advisers (IFAs) were today blasted by the Economic Secretary Helen Liddell for their lack of progress in sorting out personal pensions misselling.

The Minister called in 30 senior representatives of IFAs and IFA networks and told them she was very concerned about the slow progress in the sector. IFAs were seriously lagging behind the major pension firms who had made big strides in sorting out their pensions cases.

Mrs Liddell said:

“Enough is enough. My patience is exhausted by the lack of progress of IFAs. I am amazed at the attitude of firms who seem to think their inaction is defensible, and when faced with phase 2 of the review choose to blame everyone except themselves.

“People have lost out as a result of having been sold products, which were wrong for them. IFAs have a clear responsibility to sort out whether any of their customers deserve compensation and provide it where it is warranted Where there was misselling, those who took the profit should now face the pain.”

The meeting followed on from an announcement yesterday by the Personal Investment Authority (PIA) that 41 IFAs were being disciplined for failings connected with the pensions review. The Minister said:

“I hope this action by the PIA makes it absolutely clear to all IFAs that discipline is a real prospect if they fail to deal with their cases. The review must be tackled with professional diligence and businesslike rigour. Nothing less will do. We are talking about people’s life savings and their future welfare.”

The Minister called into question the future of the IFA sector and said she would be keeping a careful eye on IFAs’ progress over the next few months and said if actions was warranted it would be taken. She said:

“In the long term, if the IFA sector fails to put its house in order, and genuinely command the trust of customers, it will not only call into question the viability, but possibly the desirability, of the current industry structure.”

Mrs Liddell advised the public to be very careful when using an IFA. She said:

“In my opinion anyone thinking of taking advice should check out the IFA thoroughly. Check their attitude to the consumer protection that regulation provides, and to putting right past problems – including their progress with the pensions review. Ask if they have ever been fined or disciplined by the regulators.”

The press release issued by HM Treasury on 3 July 1998.

Chancellor Gordon Brown today welcomed the accelerated announcement yesterday of the Japanese authorities ”Comprehensive Plan for Financial Restructuring’, as evidence of Japan’s commitment to tackle its economic problems.

The Chancellor said:

“This policy action marks an important step forward for Japan. The ‘bridge bank’, and other proposals to improve the disposal of bad loans, provide a firm signal of Japan’s commitment to tackling its financial and structural problems. This will be crucial to restoring confidence and strengthening the Japanese economy.”

Stressing the need for credible and rapid action, Mr Brown said:

“We look forward to the speedy implementation of these measures, and the steps necessary to restore the health of the financial sector and stimulate demand. This will be vital for sustained economic recovery in Japan and Asia as a whole.”

There have been extensive G7 discussions on the Japanese economy this year, most recently at a meeting in Tokyo on June 20 between G7 and Asian Finance Deputies, which concluded that restructuring and revitalisation of the Japanese economy and financial system was urgently needed.

The press release issued by HM Treasury on 1 July 1998.

Ministers from each Government Department met for the first time today to discuss progress  in public sector planning for the introduction of the single currency on 1 January 1999.

The meeting was chaired by Economic Secretary Helen Liddell, who said :

“Whether or not Britain decides to join the single currency in the future, both business  and public sectors will be affected by the changes that the launch of the euro on 1  January 1999 will bring. These changes will offer both opportunities and challenges which we must all be ready for.

“Government has a key role in ensuring that readiness. We are already committed to helping business to identify what it needs to do directly, and have taken steps to make sure that the necessary information is available.

“We are also working to help public sector bodies – not just Government Departments but other bodies such as local authorities – to prepare themselves where their activities could be affected directly by the single currency.  They, too, will take every opportunity  to help business prepare. The Ministerial group will play a key part in coordinating activity within Government to achieve that.

“The Government will do as much as possible to enable UK businesses to use the euro where this is relevant and beneficial for them. This includes reviewing legislation to see where we can ease the way for business. We have already identified a number of areas where action is required and are making the necessary changes.

“There are also implications for Government Departments themselves, particularly those  which have significant overseas responsibilities. We shall look at all our policies to ensure that these reflect and take account of the changes ahead.

“We shall continue to share experiences in preparing for the single currency, using the  Ministerial group as a forum to discuss and help to spread that knowledge  as widely as  possible to ensure that efficiency and competitiveness are sustained and enhanced.”

The first meeting of the Ministerial group was given a presentation by Adair Turner, Director General of the CBI, on the impact of the launch of the euro on 1 January 1999 on UK business and the steps being taken to ensure that this is seen as a positive
opportunity to benefit commercial activity.

The Ministerial group will continue to look at all areas of Government activities and contribute to the analysis of public sector planning required to inform the programme of six monthly reports on progress in preparing for the single currency and the outline national changeover plan which will be published around the end of the year.

1.   Departmental Ministers responsible for preparations for the single currency are:

The press release issued by HM Treasury on 20 December 2022.

• The Mortgage Guarantee Scheme will be extended by a year, having already helped over 24,000 households get onto the property ladder
• Launched in April 2021, the scheme supports first-time buyers, who make up 85% of scheme transactions, buy a home with a 5% deposit
• The scheme is just one of the ways the government is helping people with home ownership

Under the scheme the government offers lenders the financial guarantees they need to provide mortgages that cover the other 95%, subject to the usual affordability checks, on a house worth up to £600,000.

Launched in April 2021, the scheme has already helped over 24,000 households. It was originally planned to close at the end of this year but will now be extended until the end of 2023.

Chief Secretary to the Treasury, John Glen MP said:

For hard-working families facing today’s challenging economic conditions, it’s right that we continue to help them secure their first home or move into their dream house.

Extending this scheme means thousands more have the chance to benefit, and supports the market as we navigate through these difficult times.

Since 2010, more than 687,000 households have been helped into home ownership through government schemes. First time buyers often find it hard to save for a large deposit, and the mortgage guarantee has helped over 24,000 households (as of November 2022) overcome this barrier and secure the keys to a new home with a deposit as small as 5%.

As well as first time buyers and current homeowners, the scheme has also helped support the wider housing sector. Lenders reduced the availability of high LTV products during the Covid-19 pandemic, with just eight 95% LTV products available in January 2021. The government’s Mortgage Guarantee Scheme helped restore competition and consumer choice to the market, which has benefited businesses and boosted the market.

To also support people to get onto the property ladder, the government has increased the level where first-time buyers start paying stamp duty from £300,000 to £425,000. Furthermore, first-time buyers can get relief on properties costing up to £625,000, as opposed to £500,000 previously. Both of these measures are time-limited to April 2025.

The government has also continued to provide a range of other options to support home ownership and the wider housing sector. For example, the Help to Buy ISA and Lifetime ISA have collectively facilitated over 618,000 households get on to the property ladder.