Tag: Treasury

The press release issued by HM Treasury on 26 March 1998.

Economic Secretary Helen Liddell today welcomed Thailand’s progress in implementing the agreed International Monetary Fund (IMF) programme of reform, reiterated Britain’s commitment to Thailand and the British Government’s confidence that the implementation of the reform programme will restore confidence and prosperity. Mrs Liddell expressed her confidence about Thailand’s future prospects.

The Minister has been undertaking a two day trip to Thailand to show the British Government’s support to the country during its current financial difficulties, to encourage the reform effort, and to learn at first hand about the country’s current situation.

During the trip Mrs Liddell met:

• HE Tarrin Nimmanhaeminda, Minister of Finance;
• HE Suthep Thueksuban, Minister of Transport and Communications;
• HE Abhisit Vejjajiva, Minister in the Office of the Prime Minister;
• HE Dr Savit Bhodivihok, Minister in the Office of the Prime Minister;
• HE Pisit Leeahtam, Deputy Minister of Finance; and
• HE Dr Chaiyawat Wibulswasdi, Governor, Bank of Thailand.

Commenting on Thailand’s commitment to the IMF Programme, Mrs Liddell said:

“I have a very strong impression of commitment to reforms following my meetings in Bangkok. There are now signs of a real improvement in confidence in Thailand as a direct result of decisive action. Much, however, remains to be done. Further implementation of reforms to build a solid platform for growth will cause confidence to return bringing renewed prosperity.

“The UK is committed to ensuring that Thailand’s IMF programme remains fully financed at all times and the UK will support the provision of additional financing if appropriate through the IMF’s new Supplemental Reserve facility.”

The UK is looking to put in place arrangements to ensure European expertise can be effectively mobilised in providing technical assistance to help Asia. Britain has considerable experience of privatisation. A visiting team of British privatisation experts, from both the public and private sectors, explored how to share their expertise. Mrs Liddell said:

“The widening of the structural reform agenda to include an ambitious privatisation schedule is to be welcomed. This will lead to important efficiency gains in the Thai economy, as well as significant proceeds which could be used in recapitalising the financial sector.”

Mrs Liddell stressed the importance of limiting the impact of the current financial difficulties on the poor of Thailand. Mrs Liddell said:

“A well-designed social safety net in Thailand has to be developed as a high priority. I would like to see the rapid progress on this with international financial institutions and other donors working in close cooperation.”

Mrs Liddell said there was a deep European interest in Thailand. The ASEM 2 Summit in London in early April would be hosted by the Prime Minister Tony Blair, and would be an important forum for discussion of the financial difficulties affecting some Asian countries and practical steps towards their resolution. Britain has proposed an ASEM Trust Fund at the World Bank and was exploring ways of improving the flow of  echnical assistance.

Mrs Liddell said:

“The ASEM 2 Summit in London will be an important step forward in the practical and mutually beneficial dialogue between Asia and Europe. It will build on the foundations so successfully laid at the first ASEM Summit in Bangkok. I know that the Prime Minister is looking forward to welcoming Prime Minister Chuan Leekpai to London.

“Britain supports the idea of an ASEM Trust Fund and the World Bank is exploring with others how best to improve the flow of technical assistance and advice to Asia.”

The UK would also be using its position as Chairman of the G7/8 and the European Union to consider how best the international monetary system should be strengthened in the light of the financial situation in Asia.

Mrs Liddell said:

“The Chancellor, Gordon Brown, began the ‘Birmingham process’ of consultation through which we are seeking to learn the lessons from Asia’s financial difficulties and I had very useful discussions with my Thai colleagues.”

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

Helen Liddell Encourages Constructive Contribution

Further progress has been made in clearing up pensions mis-selling, Economic Secretary Helen Liddell announced today.

Mrs Liddell published the monthly figures of the 41 companies she is monitoring. The table shows:

• about 65 per cent of the priority cases identified for review are now completed;
• eight firms have yet to complete half their cases;
• one is still some way short of the 10 per cent mark; and
• seven of the 41 companies have now completed over 75 per cent of their cases.

Publishing the figures, the Minister said:

“A number of firms have now resolved over three quarters of their cases identified for review.  Some of the firms are now getting close to the point where they will have completed their priority cases. This is welcome news.

“The first priority has rightly been to address the more pressing categories of cases. But they are not the only victims of pensions mis-selling and it is now important to look ahead at how to address the less pressing cases.  Recent research that revealed that as many as 1.8 million people might need their cases  looked into is alarming. “

Mrs Liddell welcomed the publication of a Financial Services Authority (FSA)/Personal Investment Authority (PIA) consultation document setting out proposals for taking forward the review of pensions mis-selling into its second phase and urged everyone with an interest, including investors, occupational pension schemes and firms, to take part. The Minister said:

“I welcome consultation by the regulators because this is the only way to see that the final policy adopted is the best way forward, in the interests of the investors and ultimately in the interests of the industry. I hope that everyone will make a constructive contribution.”

Mrs Liddell also welcomed the PIA’s announcement that it is investigating apparent failures to meet the regulator’s targets by about 600 small firms, with a view to taking disciplinary action. She said:

“Both the Government and the regulators are determined that all firms, including small firms, take all possible steps to complete their reviews. Far too many small firms appear to have failed to tackle even these most pressing cases. This is simply not acceptable, and the PIA’s action is to be commended.

The press release issued by HM Treasury on 11 March 1998.

A national strategy for young children to increase the visibility of young children and improve services to prevent them from becoming socially excluded is being considered by Government, Tessa Jowell said today.

The strategy is one of the options being considered by the Government’s Review of Provision for Young Children. It would set out national aims and objectives and also a framework for planning at the local level.

The review is considering whether the multiple causes of social exclusion affecting young children could be more effectively tackled at the family and community level.

Ms Jowell, in her role as Chair of the Review, was speaking at the third and final seminar attended by Government, local authorities, universities and voluntary organisations. The seminars have been held to ensure that the best information is available to inform decisions.

Speaking at the seminar, the Minister said:

“At present, we are failing too many of our children before they even reach school. It must be a priority  to invest in all our young children, and to work with parents and local communities, so they can reach their full potential later in life.

“I want to see a national strategy for young children which ensures resources, across Government, are properly targeted and used effectively and which put the welfare of the child first. We need to move to a situation where the root causes of social exclusion are tackled early on, preventing the problems faced by young children and their families from causing irreversible damage. This would be both more cost-effective and better for our children.”

The Treasury is leading the Review at official level in close collaboration with the Prime Minister’s Office, the Social Exclusion Unit and other Government Departments e.g. the Department for Education and Employment and the Department  for Health.

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

Tessa Jowell Visits Centre of Excellence in Haringey

Giving children the start they deserve in life and preventing them from becoming socially excluded is a top priority for the Government, Tessa Jowell said today.

Ms Jowell was speaking during a visit to Woodlands Park Nursery Centre in Haringey. The Centre takes in a wide range of children from the local community from a socially diverse area where there are high levels of poverty and social deprivation.

The visit has been undertaken as part of the Government’s review of the provision of children’s services. The review is looking at whether the multiple causes of social exclusion affecting young children can be more effectively tackled.

Congratulating Woodlands on the work that it does, the Minister said:

“We want to help those young children, who are at present not getting the support and help from services they need in early childhood, who fall behind before they even get to school and never catch up.

“The research we have undertaken so far, suggests centres of excellence like Woodlands can play an important role in promoting effective early child care and development. It has also impressed me with the important work it does with parents and the local community.

“I want to see a national strategy for young children which ensures resources, across Government, are properly targeted and used efficiently and which put the welfare of the child first. They all deserve the best possible start in life.”

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

An initiative to use the New Deal to support a new network of training centres for the hotel, catering and leisure industries was launched today by Chancellor Gordon Brown. The New Deal will allow the hospitality industry to take on and train around 40,000 unemployed young people over the next few years.

Welcoming the biggest New Deal employers agreement yet, Mr Brown said:

“From today, a new chapter is opened in the New Deal. Here is a practical example of how central and local Government and employers can work together to tackle the skill shortages that have held this country back for too long. The economy as a whole will never be at its best unless we unlock the potential of all our people, and I appeal to employers to become part of this national crusade to ensure that opportunity is open not just to a few but to everyone.”

Paymaster General Geoffrey Robinson said:

“The New Deal is proving the smart solution for business. The hospitality industry have worked with us to make the best use of the New Deal to address their own specific needs. Many other employers are doing the same. I invite all employers to take a close look at the New Deal, to see what it can do for them.”

The Chancellor and the Paymaster General were speaking during a visit to a training centre in Kentish Town, North London, which the industry has developed as a pilot project, in conjunction with Camden Borough Council and other partners. With the support available under the New Deal, a network of centres can now be extended to every region of the country. The centres will provide places for around 40,000 young people who have been unemployed for at least 6 months, making this the largest single employer commitment to the New Deal so far.

The industry estimates that of their annual turnover of 350,000 staff, only 6 per cent can be met with suitably qualified staff. The 750 Pounds training grant available under the New Deal will help meet training costs, with the 60 Pounds a week subsidy helping to provide new jobs for the successful trainees.

David Batts, Managing Director of Radisson Edwardian Hotels and Chairman of the London Tourist Board, said:

“The hospitality industry is ideally placed to take on New Deal recruits and to train them for real jobs and careers in hotels and catering. These recruits need basic training away from the direct hotel and catering environment, before being faced with the fast pace of business”.

Jeremy Logie, Chief Executive of the British Hospitality Association, added: “We are delighted that the Chancellor is showing such a strong interest in what is a significant industry initiative.

Minister for Employment, Andrew Smith said:

“I welcome the enthusiastic support of the hospitality industry for the New Deal from firms such as Granada, Stakis and Whitbread. It is a mark of confidence in the New Deal by employers who are making a substantial commitment and opening up so many new opportunities for young unemployed people. Through the New Deal, they will get motivated recruits who can get help with relevant training to help solve the industry’s skill shortages.”

The press release issued by HM Treasury on 23 April 1998.

The Bill, which establishes the Bank of England Monetary Policy Committee and transfers banking supervision from the Bank of England to the Financial Services Authority received Royal Assent today.

The Bank of England Act 1998, gives effect to the policy changes announced by the Chancellor Gordon Brown in May 1997 when he announced a new framework for monetary policy and the transfer of banking supervision. The Act also puts in place a new accountability framework for the Bank, and greater transparency in the Bank’s operations.

Welcoming the swift passage of the legislation, the Chief Secretary Alistair Darling said:

“Less than a year after taking office, the Government has put in place the most far reaching changes the Bank has seen in centuries.

“The Bank of England Act is a keystone in modernising Britain’s economy and creating a modern bank ready for the 21st century.

“The Act puts in place a new framework which will promote economic stability and give a long-term focus to monetary policy.

“It maximises openness and transparency and ensures that the Bank is fully accountable and that its conduct of monetary policy meets the economic needs of the nation.”

The intention is the Act will come into force on 1 June 1998.

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

In the third Public/Private Partnership (PPP) of its own, the Treasury’s Private Finance Taskforce has awarded a contract for the provision of a programme of in-depth Private Finance Initiative (PFI) training for civil servants to Price Waterhouse, one of the UK’s leading providers of PFI advisory services to the public sector.

Announcing the award of the contract, made in response to Recommendation 24 of the Bates Review of PFI, Paymaster General Geoffrey Robinson said:

“With a growing number of PFI projects signed or close to signature, it is vital that Government Departments capture this knowledge and build on it through attending training events delivered by PFI practitioners with real extensive experience in the field.  This is another welcome step forward to ensuring that the Government delivers a steady flow of high quality PFI projects as efficiently and effectively as possible.

It is also good to see the Treasury Taskforce itself actively 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 better value for money through the use of a wide spectrum of partnerships that combine public and private sector skills”.

The contract has been awarded following a competitive tender.  Pilot training courses are being run in London and Edinburgh during April, with a full roll-out of the Taskforce approved PFI training programme planned from early summer onwards.  The programme will be open to all public sector PFI practitioners, in both central and local government.

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

The Government today published its Annual Statement on the Community Budget, entitled “European Community Finances”. The  Statement gives details of the 1998 Community Budget, including:

• total payment appropriations of 83,529 million ecu (55,693 million Pounds), 1.4% higher than 1997, and 1.14 % of Community GNP (well within the Own Resources ceiling of 1.26%);
• total commitments of 91,013 million ecu (60,683 million Pounds), 2.1% above 1997; and
• information about the UK’s contributions to, and receipts from, the Community Budget.

Economic Secretary Helen Liddell announced publication in reply to a Parliamentary Question from Jackie Lawrence (Preseli Pembrokeshire). The full text of her reply is attached. Commenting on the announcement, Mrs Liddell said :

“The Statement provides a useful guide to the breakdown of expenditure and sources of revenue in the 1998 Community Budget, along with details of the UK’s contributions to, and receipts from, the Budget.

“As the Statement shows, the very small overall increase in expenditure over 1997 demonstrates the Council’s determination to apply the same budgetary rigour to the Community Budget as is being applied at Member State level. The UK is using its Presidency to seek to ensure a similarly rigorous approach during the 1999 Budget negotiations”.

As in previous years, the Statement outlines the key developments in EC financial management and measures to counter fraud including:

• the European Court of Auditors’ Annual Report for 1996 and Statement of Assurance, published on 18 November 1997;
• the Council’s recommendation to the European Parliament on the discharge to be given to the Commission for its implementation of the 1996 budget. The recommendation, which the Council drew up under the UK Presidency, is based on the findings in the European Court of Auditors’ Annual Report.  The recommendation to grant discharge is accompanied by an in-depth commentary, which emphasises the need to learn lessons for the future from the Report and to focus not only on whether monies are properly accounted for, but on setting clear aims for expenditure and ensuring these are achieved as effectively as possible.
• details of progress on the major areas of work under the Commission’s Sound and Efficient Management 2000 Programme.

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

The Government Task Force on the industrial use of energy, chaired by Sir Colin Marshall, held its first meeting on 6 April.

Sir Colin Marshall was appointed by the Chancellor, Gordon Brown, as announced in the recent Budget, to examine the use of economic instruments to improve the industrial and commercial use of energy, and to help reduce greenhouse gas emissions.  The Government Task Force will assist him in carrying forward this important exercise.

The UK has taken a strong lead internationally on the issue of climate change.  Later this year, a legally binding commitment will be agreed as part of the EU’s undertaking at Kyoto to reduce greenhouse gas emissions.  All sectors of society will need to play their part in meeting this.

Within industry, the Government believes that economic instruments may offer the potential to achieve greenhouse gas reductions most cost-effectively.  The Chancellor has asked Sir Colin Marshall to consider whether and, if so, how best to use economic instruments – such as an industrial energy tax and/or other market mechanisms – to improve the industrial and commercial use of energy and to help reduce industrial emissions of greenhouse gases.

Sir Colin Marshall and the Task Force intend to consult widely throughout industry and with other interested parties in the preparation of the report, which the Chancellor has asked for by the start of November 1998.

A consultation paper will be issued shortly, seeking responses as to whether, and if so, how best, economic instruments – such as an industrial energy tax and/or other market mechanisms – could be used to improve the industrial and commercial use of energy, and to help reduce emissions of greenhouse gases. All interested parties are invited to contribute their views at that stage.

Sir Colin Marshall said:

“I am looking forward to the work that lies ahead for myself and the Task Force.  These are truly vital issues. I want to give an opportunity to everyone who has an interest to feed in views, and hope that as many people as possible will take time to respond to the consultation paper.”

The press release issued by HM Treasury on 8 April 1998.

The latest monthly figures from firms show steady progress in clearing up pensions mis-selling, Economic Secretary, Helen Liddell announced today.

The end-March figures for the 41 companies she is monitoring show:

• reviews of about 69 per cent of priority cases are nowcompleted;
• 7 firms have yet to complete half their cases, and
• 14 firms have now completed over 75 per cent of their cases.

Publishing the figures, Mrs Liddell said:

“Most of the 41 firms have continued to make steady progress but this must be sustained.At the same time firms must also look to the next phase of the review, and build on the consultation launched by the regulators last month.”

Mrs Liddell said she appreciated the constructive reaction of the Association of British Insurers (ABI) to the regulators’ initiative on the second phase of the review, and hoped it would continue over the months ahead.

The Minister also welcomed the ABI’s plans to assist and encourage Independent Financial Advisers to carry out their pension reviews.She said :

“These proposals give welcome recognition to the fact that each and every firm’s good name is dependent on the reputation of the industry as a whole.  Firms must work together to clean up the industry’s image. “