Tag: Press Release

The press release issued by HM Treasury on 14 January 1998.

“Pay increases must be affordable right across the board, from boardroom to shop floor, in both the private and public sectors, if we are to bring about the long term stable growth and prosperity we all want to see”.

That was the clear message from Alistair Darling, Chief Secretary to the Treasury, speaking tonight at an event organised by Ernst and Young.

He added:

“Since we took office we have begun to put in place the building blocks we need to bring about the long term prosperity we all want to see.

Our strategy is based around building a stable framework for fiscal and monetary policy, encouraging investment in our economic infrastructure, the education and skills of our workforce and rebuilding the welfare state around the work ethic.

This means we have to take tough decisions now. We are not going to repeat the mistakes of the past, where the economic signals were misunderstood and an unsustainable boom led to bust.

Central to this aim is the need to make sure pay increases are fair and affordable, in both the public and private sectors.

We are determined to deliver long term growth and prosperity.”

The press release issued by HM Treasury on 14 January 1998.

The Financial Services Authority (FSA) must be cost effective in order to protect the consumers’ purse and the competitiveness of the UK financial services industry, and that goes hand in hand with providing effective protection for the consumer, the Economic Secretary Helen Liddell said today.

Addressing the Law Society Commerce and Industry Group the Minister said that the FSA will be required to publish its proposed budget for consultation at the same time as it publishes its proposals for fees.She said:

“Not only must the FSA use its resources effectively, it must also show the public and the industry that it is doing so.

“After all, the costs of regulation are met by the firms under regulation. This means they are ultimately passed to consumers in the form of higher charges or lower  returns. Firms themselves need to know that the UK will remain a competitive place to do business.”

The Minister also announced that where the FSA introduces a new rule or change to an existing one, it must consult the public and practitioners by publishing the proposals. Their proposals will include estimates of costs and benefits of the proposals and other options. Mrs Liddell said:

“This statutory requirement to publish cost-benefit analysis will allow much more focussed consultation than sometimes happens now. Indeed firms will be able to challenge the FSA’s estimates if they believe they are inaccurate.”

The Minister stressed this goes well beyond the current requirement upon the Self-Regulatory Organisations (SROs) to take account of the costs of compliance.

The press release issued by HM Treasury on 24 February 1998.

The UK is leading the way in Europe and around the world in its partnership approach to using private finance capital and expertise in the provision of a wide range of public infrastructure services, Paymaster General Geoffrey Robinson said today.

Speaking to a Public Private Partnerships conference in London, Mr Robinson said that countries from Europe and from further afield such as Australia, Brazil, China, South Africa, Taiwan and United Arab Emirates were interested in what the UK government had achieved in developing public private partnerships.

Mr Robinson said:

“The British approach to gathering private and public sectors engaged in effective partnerships is the way forward into the next millennium. Many countries have already contacted the British government to share best practice and experience with contracts in areas as diverse as hospitals, schools, light rail schemes, IT systems and government accommodation.

“The Government’s success in developing its initiative is breeding success both at home and abroad.  The British model is being taken up by many governments around the world.  They realise that the newly invigorated PFI is bearing fruit and want to learn from our experiences.

“The development of PFI and PPPs abroad is providing an enormous additional market for those British companies already familiar with, and well versed with the concept.”

The press release issued by HM Treasury on 22 February 1998.

G8 Agrees New Agenda

A new international employment agenda to promote jobs and tackle unemployment and social exclusion has been agreed by the G8 countries at a Conference on Growth, Employability and Inclusion in London this weekend.

Commenting on the Conference, UK Chancellor Gordon Brown said:

“The G8 has set itself a new agenda based on seven principles for action. It is now important that the principles are turned into practice. I am delighted that the G8 backed my suggestion of presenting job Action Plans to the Birmingham Summit of Heads of State and Government in May.

“A new employment agenda is vital given the background of intensified global competition and technological advances we all face as the 21st century approaches.”

UK employment policies were also given strong endorsement at the Conference. Education and Employment Secretary, David Blunkett said:

“G8 members share the priorities we have set for our domestic employment policy – promoting employability and adaptability and tackling skill shortages. For the first time at an international summit the key principle of lifelong learning was specifically endorsed. It is clear we have to deliver on education, skills and employment.

“We all face the challenge of change. We need to improve the skills of everyone in the labour market and to bring those excluded from employment into the world of work.”

Seven broad principles have been agreed to guide the action the G8 countries will take. These are:

• sound macroeconomic policies;
• structural reforms to labour, capital and product markets;
• fostering entrepreneurship and an economic climate favourable to the growth of small and medium-sized firms;
• enhancing employment, education and training including for the young, long-term unemployed, lone parents and the disabled;
• reforming tax/benefit systems to provide work incentives to foster growth and employment and the successful transition from welfare to work;
• encouraging lifelong learning; and
• promoting equal opportunities and combatting discrimination.

The Conference agreed the seven principles to guide employment policy and Heads of State and Government will be asked to endorse them at the Birmingham Summit in May.

In conclusion, the Chancellor said:

“We must ensure that the important messages of this Conference are heard by policy makers around the world and
that we continue to share best practice.”

The Chancellor said he would:

• continue to use the UK’s chairmanship of the G8 and
  Presidency of the EU to advocate the new agenda on employment and economic reform;
• write to the Heads of International Financial Institutions including the IMF and OECD to report on policy initiatives agreed at the Conference; and
• carry out an examination of how help can be given to entrepreneurs and SMEs, and enhance access for small firms to venture capital.

The press release issued by HM Treasury on 17 February 1998.

The UK today launched an initiative aiming to increase the amount of European technical assistance available to the troubled economies of Asia.  The initiative will focus on financial sector restructuring and poverty impact assessment, and  is being developed in the run up to the ASEM 2 Summit on 3-4 April, when Asian and European Leaders will meet in London.

Chancellor Gordon Brown and Secretary of State for International Development Clare Short discussed their ideas with World Bank President Jim Wolfensohn when they met earlier today.

The initiative involves two parts: the establishment of an ASEM Trust Fund at the World Bank to help countries to assess the poverty impact of the crisis and to assist with financial sector restructuring; and more effective co-ordination of technical assistance in the financial sector.

The Chancellor said:

“Countries in Asia restructuring their financial sectors will need a good deal of technical assistance.  Europe has great expertise to offer in this area, and we are putting in place arrangements to ensure this can be mobilised effectively”.

The Secretary of State for International Development said:

“It is vital that countries receive help with financial restructuring and that the poverty impact of Asia’s current financial difficulties is properly understood.  We are working closely with the World Bank to assess the impact on the poor and ensure that the appropriate policy response is taken.”

The press release issued by HM Treasury on 17 February 1998.

The Government has announced that it is willing to make a supplementary contribution of up to $10 million towards relieving the debt burden of Mozambique.

The announcement, made by Chancellor Gordon Brown and Secretary of State for International Development Clare Short, follows a meeting today with James Wolfensohn, President of the World Bank, the Archbishop of Canterbury George Carey, the Catholic Archbishop of Liverpool Patrick Kelly, David Bryer from Oxfam and Sir Humphrey Maud, Deputy Director General of the Commonwealth Secretariat.

The Ministers commented:

” This Government is determined to work together with other countries, the World Bank and other international institutions to help deal with the proportion of the world’s population which is living in extreme poverty. The top priority is to deal with the most needy and deserving debtor countries as fast as possible. Mozambique has a strong track record of economic reforms yet still faces a growing debt burden. The Government is willing to make a contribution of $10million as part of a solution towards filling the $100million gap left by the Paris Club which will help give Mozambique the fresh start it so badly needs.”

It is important that the international community meet the target set out in the Mauritius Mandate statement that all eligible poor countries should have at least have embarked on the process of securing a sustainable exit from their debt problem by the year 2000.

The UK, working with the World Bank and other creditors, is seeking to put together an exceptional package which will provide the level of debt relief provisionally agreed for Mozambique by the World Bank and IMF Boards late last year.  The need for such a package was a result of the Paris Club’s decision in January to provide $170million of its $270million share of debt for Mozambique, leaving a gap of $100million.

The Chancellor will keep the issue of debt relief, and particularly the consequent funding arrangements, before G7 and EU colleagues. The Birmingham Summit will consider the issue as part of the wider development agenda.

The press release issued by HM Treasury on 6 February 1998.

The next step in the Government’s wide-ranging plans to modernise the financial regulation system was announced by the Chief Secretary, Alistair Darling today.

In a speech to the Securities Institute in Edinburgh, Alistair Darling said that the London Stock Exchange would continue as the competent authority for listing in the UK.  He went on to say:

“The London Stock Exchange enjoys a substantial reputation throughout the world.  However, whilst listing is a distinct function, it is closely related to the regime for which the FSA is to become responsible for.

The Stock Exchange will carry on as the listing authority.  But we recognise that circumstances may change.

The Bill reforming financial services regulation will therefore allow the Government to transfer all or part of the London Stock Exchange’s function to the Financial Services Authority should that prove necessary in the future.

Before a change was made, we would need to be sure that it was fully justified on the balance of arguments and that arrangements for satisfactory transition were in place.”

In response to a Parliamentary Question, Mr Darling said:

“The London Stock Exchange (LSE) is currently, under the Financial Services Act 1986, the competent authority for listing in the United Kingdom. I have considered future arrangements against the background of our decision to have a single statutory regulator for financial services, the Financial Services Authority.

I have concluded that the case for change at this stage is not made. The LSE is operating satisfactorily in creating and enforcing listing rules in a way which gives confidence to investors, while meeting the commercial needs of users. Before any changes were made we would need to be sure that this was fully justified on the balance of the arguments, and that arrangements for satisfactorily transition were in place.

Accordingly this will be a matter kept under review.  Among the factors which may be relevant to any decision to transfer functions could be the institutional arrangements for tackling market abuse and the impact of increased competition in the UK’s securities markets.

The new bill to reform the 1986 Act will therefore name the LSE as competent authority. However, I also intend that the bill will include a power for the Treasury to transfer the competent authority functions, in part or in whole, to another body by secondary legislation.”

The press release issued by HM Treasury on 5 February 1998.

“The New Deal is working – providing new hope and new opportunities for thousands of young people across the country. Giving them the new skills and support they need,” said Chief Secretary Alistair Darling tonight.

Commenting ahead of a visit to Levi Strauss in Dundee tomorrow, as part of the Government’s drive to implement its Welfare to Work programme, he pointed to the evidence of the early success of the New Deal:

“Almost 5000 young people have already signed up for the New Deal across the country – 400 in Tayside alone. Almost 2000 interviews with employers have already been set up. The Government has provided new opportunities for young people where there were none before.  The opportunities are there, everyone has a responsibility to take them.  There is no justification for refusing to take part.

“We are investing in young people and the skills and experience they need to have for the future. We are determined to provide opportunities for work and to make work pay.

“Everyone connected with this scheme has so far responded with enthusiasm – especially young people eager to take up these new chances, who have everything to gain.

“In nine short months the Government has begun to deliver its priorities. Constitutional change.  Modernising the Welfare State.  Investment in Education and Health of 4 billion Pounds.  And the New Deal for the young extending to the long term unemployed in June.”

The press release issued by HM Treasury on 30 March 1998.

Young unemployed people who are participating in the Government’s New Deal are to benefit from cheap local coach and bus fares when looking for work, Paymaster General Geoffrey Robinson announced today. The initiative is endorsed by the major coach and bus companies around the country.

Under the new initiative, to complement the New Deal, young unemployed people will be able to take advantage of up to a 50 per cent discount in coach and bus fares across the country to reduce the cost of public transport during the search for work. The discount will also apply during the four New Deal options; subsidised employment, work in the voluntary sector, a job on the environmental taskforce or full-time education and training.

Mr Robinson was in Manchester to launch cheap coach and bus fares across the UK in the week prior to the national expansion of the New Deal which aims to increase the employability of 18-24 year olds who have been unemployed for at least six months.

Mr Robinson said:

“This cut price travel scheme shows that the Government is determined to leave no stone unturned in making it easier for young people to look for work.

“The story of young people declining to attend interviews because they could not afford the fares can now be a thing of the past. Cheap travel and the prospect of a job under the New Deal is what young people want. This is great news for young people in search of work.

“I pay tribute to all those coach and bus companies who have shown the imagination to sign up to this scheme. This will stimulate job opportunity, generate increased coach and bus travel and increase the scope for job fulfilment.”

New Deal Minister Andrew Smith said:

“This means a New Deal job ticket for the young unemployed. I am delighted that so many transport companies are backing the New Deal with concessionary fares for the young.”

Under the initiative First Group, Arriva, Stagecoach, National Express and Go-Ahead Group have all joined with the Confederation of Passenger Transport in participating in the Government’s New Deal programme.

Speaking for the industry, Trevor Smallwood, OBE, Executive Chairman of First Group said:

“First Group welcomes the Government’s New Deal initiative.

Agreements have already been reached at local level on reduced fares and First Group is also actively pursuing the opportunities presented by New Deal to offer employment to people currently seeking work.

“I would like to pay tribute to the role played by the Paymaster General and in particular the way he has worked closely with the bus industry to promote schemes that benefit not only the industry, but actively stimulate the national economy.”

Mr Gordon Hodgson, Chief Executive of Arriva said:

“Cheaper bus travel for New Dealers will mean that more people will be able to get to more interviews for more jobs and the Arriva Group is pleased to play its part.”

Brian Souter, Chairman and Chief Executive of Stagecoach said:

“Stagecoach is pleased to play its part in the Government’s New Deal initiative. We look forward to working with the Government to open up new career opportunities for many unemployed people as well as assisting with their travel through our discounted bus fares scheme.”

Phil White, Chief Executive, National Express said:

“New Deal will give opportunities to people to enter the employment market that they have never had before. I am proud that National Express is able to play a full part in bringing this initiative forward.”

Chris Moyes, Commercial Director, Go-Ahead Group plc said:

“New Deal will open up new employment opportunities and Go- Ahead is glad to play its part.”