Tag: Treasury

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.”

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.