Tag: Press Release

The press release issued by HM Treasury on 10 August 1997.

The latest figures showing progress on clearing up pensions misselling were published today by Economic Secretary Helen Liddell.

The Treasury promised in June to publish information each month about the cases handled by the 24 firms with most cases to review.

Releasing the new figures, Mrs Liddell said:

“The July figures show most firms have improved on their June performance – though some have achieved more than others.  I am encouraged by anecdotal evidence of progress on the ground but,   overall, the figures are still disappointing.

“The first small steps that have been made must now be turned into a big step change in all firms’ performance.The next few months will be crucial – all firms must seize the opportunity to demonstrate their commitment and really get a move on in redressing
their victims.

“I will consider what further action is called for once I have seen some further figures to measure progress”.

The press release issued by HM Treasury on 4 August 1997.

The Treasury has today announced the appointment of Chris Wales and Paul Gregg as policy experts to work alongside the Treasury teams dealing with, respectively, taxation and employment. They are the first appointments to the Council of Economic Advisers. The Council’s terms of reference are:

“To advise the Chancellor of the Exchequer on the design and implementation of policies for the achievement of the Government’s economic objectives.”

The creation of the Council of Economic Advisers follows the disbandment of the Panel of Independent Forecasters established under the previous Government.

——

The Council of Economic Advisers is made up of individual policy experts who will bring their specialist experience to work alongside individual Treasury teams focussing on the Government’s key policy priorities.

Chris Wales moves from his position as tax partner in Arthur Andersen where he has worked in both the UK and Sweden. He has substantial experience of UK and international tax issues. His work has included projects involving financing structures and products, securitisation, cross-border leasing, acquisition finance and related structures, and treasury management.

He moved to Sweden in 1991, where he became head of the firm’s international tax practice there. In 1995 he returned full-time to London where he had a portfolio mainly comprising large corporate and financial sector clients, including US and European-based multinationals.

In addition to his work at the Treasury, Paul Gregg will continue to work part-time in his current position as Senior Research Associate at the Centre for Economic Performance at the London School of Economics. Before joining the LSE in 1995, he worked at the National Institute of Economic and Social Research from 1987-1994.

His current work at the LSE includes research into the dynamics of the UK labour market.

The press release issued by HM Treasury on 4 August 1997.

Better control of public spending through the introduction of best commercial practice into Government accounting moved closer today.

Financial reporting principles and standards which will underpin resource accounting were given the green light when the independent Financial Reporting Advisory Board (FRAB) approved the Treasury’s draft resource accounting Manual for use by Government departments.

This will improve the way the Government accounts for how taxpayers’ money has been spent, bringing it into line with best private sector practice.

Welcoming FRAB approval of the Manual, Chief Secretary Alistair Darling said :

“The Government is determined to put its accounting procedures on a proper and modern footing. This is the greatest reform to the public finances in over 100 years.

“Resource accounting is an important development in getting best value for money for the taxpayer. It will provide a better measure of the cost of the activities of central Government departments, and of their assets and liabilities.

“Resource budgeting will then build on that and improve the way in which we plan and control Government spending. FRAB approval of the resource accounting Manual means that progress towards that goal will continue to schedule.

“The Government is committed to carrying through this important initiative, which is already bearing fruit. Departments’ work on their resource accounts will help them to prepare the National Assets Register. This will show which assets departments own, and will enable more informed decisions on what should be done with them.

“Resource accounting and budgeting will play an important part in increasing the transparency and public understanding of the finances of departments and measuring their success  in meeting their targets. This is essential to improving public confidence in the effective management of public finance.

“I am grateful to FRAB for conducting their review, and I look forward to further advice as resource accounting develops.

The press release issued by HM Treasury on 30 September 1997.

All the 30 September deadlines set to the Treasury for progress in reinvigorating the Private Finance Initiative (PFI) have been met.

Welcoming successful progress against the agenda set by Malcolm Bates in June following his review of the PFI, Paymaster General Geoffrey Robinson said:

“Malcolm Bates set a tight timetable, but we are determined to deliver. “Our Taskforce is now in place. We will implement all 29 of his recommendations over the coming months in documents that will provide a sound basis for future business and where there is a Taskforce seal of approval on the cover, you can be sure it is authoritative advice.”

Four recommendations required central action by today. Progress means that :

* procedures for delivering Government support for local authority PFI projects will be streamlined and strengthened under a new framework, full details of which will be published soon. Under these :

• the PFI Taskforce will work closely with Government Departments to sign off good quality projects and offer expertise on those that are significant.
• the Public Private Partnerships Programme (4Ps) will continue to play a critical role on behalf of Local Government, advocating their interests and working up proposals so as to enhance their viability and thus increase the chances of securing endorsement.

* new Treasury guidance on the balance sheet treatment of PFI transactions for Central Government Departments and Agencies will apply immediately. It has already been positively received by the National Audit Office and Audit Commission.

* the Treasury has given written assurance that funding for contracts by central Government Departments will not be cut after signature of value for money contracts, provided contractual commitments continue to be met.

* the new Taskforce has circulated some draft guidance on Public Sector Comparators and when they should be used, on which it will now seek comment from experts.

In addition, good progress is being made by other departments in addressing the recommendations which fall to them. The Local Government (Contracts) Bill has cleared all its Commons Stages. Guidance to distributors of lottery funds is expected to be issued by DCMS soon. Departments have identified their PFI training needs and the Taskforce is now considering that information and possible delivery mechanisms.

The press release issued by HM Treasury on 26 September 1997.

The first three of a series of draft guidance documents to Government Departments preparing public sector construction projects have been forwarded to the Construction Industry Board (CIB) to take the views of their members, the Treasury announced today.

The consultation exercise between the Treasury and the construction industry is a significant step forward in public sector contracting with the construction industry.

It will lead to better value for money for the taxpayer as public sector building contracts become better and more consistently prepared and presented within a commonly used and understood framework.

Publication of the draft guidance marks clear progress by the Treasury in developing a practical dialogue between construction contractors and Government clients.

CIB Chief Executive Don Ward said :

“In the past, the construction industry has not had the opportunity to help Government get this sort of guidance right. The culture change evident in asking CIB members for their views is very welcome. I strongly commend the Treasury for it, and look forward to industry representatives making a positive input.

“I am also pleased to see that the Treasury draft guidance adopts the principles on which CIB’s own guidance is based. It is important that construction clients in both the public and private sector should be taking these Codes as their starting point to improve construction performance “.

The guidance covers :

• roles, responsibilities, qualifications and training of key client project team members.
• a value for money (VFM) framework to identify key activities for achieving VFM .
• a new “approval gateway” concept to prevent projects proceeding without specific management structures and key activities for achieving VFM.
• the appointment of consultants and contractors on the basis of quality and price.

The Government Construction Client Panel (GCCP) will endorse final drafts of the documents after receiving views from the construction industry. Further draft guidance will be issued for consultation in 1998.

The press release issued by HM Treasury on 25 September 1997.

Friendly societies were today told to raise their national profile and play their part in giving consumers an alternative to their more commercial competitors by the Economic Secretary, Helen Liddell.

Speaking at the Association of Friendly Societies’ Conference in Leicester, the Minister also told the delegates that the Association had a key role to play as the Government re-shapes financial services regulation. She said:

“As the Government redraws the structure of financial services regulation, your Association will have a key role in ensuring that the new structure will take into account the distinct needs of your unique contribution to the [financial services] industry.

“It would be illogical to have Friendly Societies outside NewRO. More than that, it would have sent the wrong signal about the value we place upon the societies work.

“Placing friendly societies’ regulation at the heart of the financial services regulator will help us to create the kind of financial climate that will allow your members to prosper and grow.

“This is an opportunity for fresh thoughts, new initiatives and modernised practices. But the principles on which they are based are already with us. They are timeless: mutual respect and assistance, the values of community. They are as valid today as they were when friendly societies were first created.”

The press release issued by HM Treasury on 22 September 1997.

A new policy of openness on the UK Government’s gold and foreign exchange reserves has been announced by the Chancellor Gordon Brown.

Addressing the International Monetary Fund (IMF) Interim Committee in Hong Kong, the Chancellor said he would publish a new quarterly report on foreign exchange operations, which would include the UK’s forward foreign exchange position. He would also be publishing an annual set of accounts.

The Chancellor said:

“Most governments, including my own, have maintained a veil of secrecy over official forward exchange transactions. This can mean that markets have incomplete, and sometimes quite misleading, information about a government’s foreign exchange reserves and the scale of intervention that has been undertaken.

“Today, I want to announce an end to all that. Full information on our outstanding forward position will be published – with a short delay – in a quarterly report. And full accounts of spot and forward positions will be published annually. So we are literally opening up the books.”

The press release issued by HM Treasury on 22 September 1997.

Paymaster General Geoffrey Robinson today welcomed the appointment of members of the Treasury’s Project Taskforce, set up in response to the Malcolm Bates review of the PFI, saying:

“Today is an important step forward in harnessing private sector finance and expertise to fulfill the Government’s determination to deliver high quality value for money projects in the public sector. “I am pleased to see such a range of talent and experience coming forward to contribute to achieving the immense benefits to be gained from good PFI and Public Private Partnerships.

“Previously the lack of concentrated expertise, a proliferation of unprioritised projects and constant reinvention of wheels used to stand in the way of success. The Taskforce is going to provide the assistance and impetus required to improve projects and deliver a sound basis for future business”.

Eight individuals, all of whom will be full time public sector employees, will join the Taskforce for two years. Led by Adrian Montague, formerly of Dresdner Kleinwort Benson, they will play a crucial role in screening all significant PFI projects and help departments build up their PFI expertise. They will work inside the Treasury alongside its Policy team.

Malcolm Bates said:

“I was convinced that a small, highly skilled team of project – focused individuals inside the Treasury was vital to PFI success. But those people also had to command respect from Departments and the private sector alike. This team, whom I helped select from an impressive group of applicants, are all renowned in their own fields and bring with them a wide range of skills. They should do well.”

Adrian Montague, the Taskforce Chief Executive, said:

“This is a really strong team of young Turks; they have the qualifications, the experience in PFI deals and, above all, the feel for what the private sector wants from the PFI to be a really effective bridge between the public and private sectors”

The press release issued by HM Treasury on 18 September 1997.

Senior representatives from 17 more firms involved in misselling of personal pensions were today called to a meeting at the Treasury with Economic Secretary, Helen Liddell.

The Minister told the companies that they must get to work and urgently review cases and put matters right where necessary.

Speaking following the meeting, Mrs Liddell said:

“No-one gets off the hook where misselling of personal pensions may have occurred. Every firm must get on with the urgent job of reviewing cases and provide redress where it is due.

“My postbag is overflowing with letters from people frustrated at the long delays they have encountered. It is a public scandal that these people have had to wait so long for help.”

This meeting follows a similar one in May when the Minister met with the top 24 firms. Mrs Liddell today again urged companies to speed up their review of cases and better the targets set by the Personal Investment Authority (PIA).

The Minister also published the third monthly table on the progress of the top 24 firms with cases outstanding. The table shows considerable variation in the firms’ performance, with some companies making real efforts to resolve cases, while others lag behind.

Commenting on the figures, the Minister said:

“The figures this month are mixed. Some firms have started to make real progress while others are still very disappointing.

“I will not allow this issue to go away until the companies have fulfilled their responsibilities.”

The press release issued by HM Treasury on 17 September 1997.

A new modernised Financial Services Act for the new millennium will underpin the Government’s approach to financial regulation, Economic Secretary Helen Liddell said today.

Speaking to a City and Financial Conference in London the Minister set out the Government’s aim to have a more rational, coherent and accessible regulatory structure.

The Minister said:

“We are aiming for rationalisation wherever possible, with uniform powers and duties which the new regulatory body can exercise consistently without constant recourse
to the lawyers.

We will also be aiming where possible to repeal and replace rather than amend existing legislation. That in itself should create a more coherent body of law.”

Although it was too early to give detailed content of the forthcoming Bill, the Minister set out some of the intended framework and controls.

These would include:

• the new regulator having the same legal form and status as the current Securities and Investments Board (SIB) – a company limited by guarantee;
• the board of the new regulator being appointed by the Treasury;
• the new regulator taking proper account of the views and interests of consumers;
• practitioner input in fee-setting; and
• some consolidation of the various Ombudsman and arbitration schemes for consumers that currently operate.

The Minister concluded by calling on the audience to encourage their companies to get involved in the Government’s Welfare to Work policies. She said:

“Participation of private sector organisations such as yourselves are essential to ensure the policies are a success.

“There are benefits for businesses from the Welfare to Work policies both  in terms of the private benefits them of a well trained workforce and the benefit to society.