Tag: Treasury

The press release issued by HM Treasury on 20 July 1998.

The 1000th participant of the Chancellor’s Financial Sector Scheme was this evening welcomed by Chancellor Gordon Brown and Economic Secretary Helen Liddell at a reception at No. 11 Downing Street.

The Scheme, which since 1992 has offered work placements to young high-flyers from Russia and the other 14 successor states to the Soviet Union, has chosen Alexander Antipov, aged 25 from Moscow, as its 1000th  participant. Mr Antipov has been placed with Scudders Investment UK to research international bond markets.

Thanking the 500 companies who have taken part in the Scheme, Chancellor Gordon Brown said:

“This Scheme has been a major contributory factor in the development of the economic future of Russia and its neighbours. It is an excellent example of public and private sectors working together, building relationships between high-flying individuals and leading British companies. Alexander is typical of the high calibre of all those who have been involved in the scheme since it began, and I am delighted to welcome him to Britain.”

Former participants in the Scheme have risen to positions of prominence in their home countries.  One of the first participants who came to the City in 1992 and worked at Royal Sun Alliance is now the Deputy General Director of Ingosstrakh, one of Russia’s top five insurance companies.  Another participant who did a work placement at Allied Dunbar in 1995 is now on the Board of the National Reserve Bank where he heads up the Treasury function, while another is a financial advisor to President Yeltsin’s Government.

A similar scheme for China has recently been announced by the Secretary of State for International Development, Clare Short, following the success of the Chancellor’s  cheme.  The first participants in the China Financial Training Scheme are expected
to arrive in the UK in 1999.

NOTES TO EDITORS

Chief Executives of over 40 major City companies will attend the reception at No 11 as will most of the Ambassadors from the states of the former Soviet Union.

The Chancellor’s Financial Sector Scheme started in 1992 following an offer made by the then Chancellor, Norman Lamont to President Yeltsin to help Russia make the transition to a market economy.  The Scheme was devised to offer short work placements to young high-flyers from Russia and the other 14 successor states to the Soviet Union.  In the early days of the Scheme, most participants did their work placements in the City in the financial sector.  More recently, the Scheme has broadened out to include legal and accountancy work and to take in other regions of the UK.

The Scheme is funding through DFID’s Know-How Fund, and is managed by the British Council and Digby Morgan Consulting.

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.

The press release issued by HM Treasury on 19 December 2022.

Statement by Ambassador Barbara Woodward at the Security Council Briefing on Iran.

Thank you, President.

I’d like to start by thanking Under-Secretary-General DiCarlo for her briefing, and the UN Secretariat for its important role supporting implementation of resolution 2231.

I’d also like to thank Ambassador Mythen for his briefing and him and his team for their work as Facilitator during the past two years. And finally, His Excellency Mr. Gonzato, for your briefing on behalf of the JCPoA Coordinator.

Colleagues are aware that in April 2021 negotiations began to return Iran to full JCPoA compliance and the US to the deal. As we’ve heard, the JCPoA Coordinator tabled viable deals in March and August this year, which would have achieved this. Iran refused both packages with unacceptable demands beyond the scope of the JCPoA.

Iran’s continued nuclear escalation is a threat to international peace and security. Today, Iran’s total enriched uranium stockpile exceeds JCPoA limits by at least 18 times and it continues to produce High Enriched Uranium, which is unprecedented for a state without a nuclear weapons programme. Its nuclear actions have no credible civilian justification.

Iranian nuclear breakout time has reduced to a matter of weeks and the time required for Iran to produce the fissile material for multiple nuclear weapons is decreasing. Iran is testing technology with direct application to intermediate and intercontinental range ballistic missiles capable of carrying a nuclear payload.

Iran’s behaviour in the region and at home betrays its claims to be a responsible international actor. As the Secretary-General’s report confirms, Iran continues to provide increasingly complex weapons systems to non-state actors, including the Houthis. It is providing support to Russia’s war of aggression against Ukraine, with UAVs with which Russia is targeting civilians and civilian infrastructure as it did once again, today, against Kyiv. And it is responding to domestic protests in the most brutal fashion. This behaviour makes progress on a nuclear deal much more difficult.

President, Iran and Russia would try to have us believe that the concerns I have expressed today are part of a Western campaign to undermine the Iranian government. This is simply false. Iran’s actions should be a matter of profound concern for us all.

In a year that has seen increased nuclear rhetoric, including from a P5 member, the Council’s focus on Iran’s nuclear programme has never been more critical. In the months ahead it is incumbent on us to ensure that Iran is not able to develop a nuclear weapon.

Thank you.

The press release issued by HM Treasury on 27 August 1998.

The Treasury’s Private Finance Taskforce continues to set the pace in reinvigorating the PFI and has today:

• published new best practice guidance for civil servants on how to appoint and manage PFI advisers in the most cost effective manner (Technical Note No 3); and
• given written assurance that funding for PFI contracts by non-Departmental public bodies (NDPBs) will not be cut after signature of value for money contracts (Policy
  Statement No 3).

In addition, a user-friendly  CD-ROM entitled “The Digital Guide to PFI” has been produced,  bringing together over 30 documents comprising all Taskforce-approved PFI case studies, technical notes and policy statements (including the two publications released today) as well as general Treasury Procurement Group guidelines on the PFI process. The CD was produced in partnership with Digital Networks Ltd, the fourth Public Private Partnership that the Taskforce has entered into.

Paymaster General Geoffrey Robinson said:

“With a growing number of PFI projects signed or closeto signature, it is vital that the Treasury Taskforce disseminates best practice as widely as possible. The new advisers guidance, for example, takes into account the lessons of the past and should help the public sector achieve better value for money.  I am  delighted that, in addition to the traditional paper documents already available, our top quality guidance material can now be accessed at the touch of a button.

“It is also terrific to see the Treasury Taskforce once again practising what it preaches. PPP’s are all about negotiating deals that are good for both sides, and the Government is keen to exploit the potential for value for money through the use of a wide spectrum of partnerships that combine public and private sector skills”.

The press release issued by HM Treasury on 13 August 1998.

A new £150 million fund to support innovative projects which provide services to the public in a more efficient and co- ordinated way has been announced today by the Chief Secretary, Stephen Byers.

Funds from the Invest to Save Budget (ISB) will be available to Government Departments to promote joined-up government. Examples of projects which the ISB might support include:

• ‘one stop shops’ enabling the public to deal with more than one agency at a time, such as the Lewisham Council project integrating benefits administered by the Department of Social Security and local authorities;
• joint projects involving an increase in the proportion of business done with the public via electronic means, for example by expanding the services available on the Internet.  The newly self-employed can, by the completion of a single form on the Internet, simultaneously transmit to Inland Revenue, Customs and Excise and the Contributions Agency all relevant starting details;
• the co-location of agencies at local level, for example, to share overhead costs; or
• combining services into packages which make access to Government easier.  Brent Council has streamlined its service delivery by introducing an award winning, single access point (one stop shop) for all enquiries and services.  During 1998, Brent also plans to further develop its current pilot on-line enquiry form available on the Internet and also to extend the operating hours of its innovative telephone call centre thus consolidating its approach to achieving 24 hour, ‘convenient’ access to Council information, advice and services for people who want or need to contact Brent Council

Announcing the ISB, Mr Byers said:

“We intend to provide a better service and save money at the same time.  For too long Government has been remote and detached from individual members of the public.  This has to change.  Our Invest to Save Budget  will be real joined-up government in action providing more efficient and accessible services to the public.

“The aim of the ISB is to ensure public services are delivered in a more coherent way and that different parts of government work closer together.  By breaking down barriers between Government Departments we will be able to provide members of the public with a far better service.  The decisions on the allocation of the fund will be taken jointly by Treasury and Cabinet Office which in itself is an example of joined-up government in action.”

£150 million pounds will be available to promote such projects over the next three years with £20 million available in the first year in 1999-2000.

The Treasury has issued guidance inviting Government Departments to come forward with imaginative proposals for the first £20 million.  In subsequent years the range of those invited to bid will be broadened to include bodies from the wider public sector.

The proposals which are successful in the first bidding round will be announced in Autumn 1998.

The press release issued by HM Treasury on 12 August 1998.

Commenting on today’s Inflation Report from the Bank of England and today’s Labour Market Statistics, Stephen Byers, Chief Secretary to the Treasury, said:

“I welcome today’s good news on the economy showing more jobs, falling unemployment and a welcome reduction in earnings growth.

“At a time of instability in the international economy, especially in the Far East, it is vital that we build a stable economy capable of sustained and steady growth, in contrast to  the cycle of boom-bust that has plagued our economy in the past.

“Today’s Inflation Report from the Bank of England shows that following the Government’s tough action to get the economy back on-track, growth is set to strengthen through next year with inflation falling to its 2 1/2% target.

“The projections take full account of the Government’s prudent spending plans which lock in the fiscal tightening already achieved. The Bank confirm that borrowing is set to fall by 3 1/2% of national income, exactly as set out in the March Budget.

“Today’s news shows that we are on course to achieve economic stability.”