Tag: Treasury

The press release issued by HM Treasury on 6 November 1997.

The IMF Executive Board today endorsed the Government’s economic policies in a discussion on the UK’s Article IV.

Chancellor, Gordon Brown, said:

“I am delighted with the Executive Board’s endorsement of our policies. They confirm that we are now on course to get the UK economy back on track and to achieve our objective of high and stable levels of growth and employment.”

The Board discussion focussed on the IMF’s Staff and Selected Issues Papers which commend the governments actions:

“The new government has set itself a high standard, aiming to consolidate stability and foster long-term growth, while seeking fairness and developing human potential. It has made a bold start toward achieving this standard, winning credibility by delivering on key commitments and setting vigorously to work on an ambitious agenda”.

“The new government has stressed its commitment to macroeconomic stability, sound public finances, and flexible markets, while emphasizing the need to raise the quality of public services (particularly in health and education), promote fairness, and foster long-run economic growth through investment in physical and human capital”.

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

Plans to allow an additional range of open ended investment companies (oeics), giving a wider choice for investors were announced today by the Economic Secretary, Helen Liddell.

Speaking to the Association of Unit Trusts and Investment Funds, Mrs Liddell said that she supported allowing oeics to establish cash funds and funds of funds and was currently considering the best way to introduce them.

The Minister said:

“The Government is very well aware of its part in ensuring the UK financial services industry continues to be successful.

“We are also aware that there is a need to develop further and adapt to meet the changing needs of the marketplace.

“These new oeics will have a useful role to play for retail investors.”

The ability for oeics to take advantage of these powers will allow the industry to build on the success of the oeic as a UK investment vehicle and provide a greater choice for investors.

The press release issued by HM Treasury on 3 November 1997.

British exporters must persevere and keep their presence in the markets if they are to compete successfully in the European market place, Paymaster General Geoffrey Robinson said today.

Speaking to the British Exporters Association’s annual conference in London,  Geoffrey Robinson paid tribute to the resilience of British exporters.

“A healthy export sector is vital to the success of the British economy.

“Our aim is to help British exporters. We want to remove barriers to growth and strengthen the economy’s wealth creating base. This means putting in place policies that will promote competition, promote long term investment and reduce unnecessary burdens on business.”

Commenting on the rise in sterling he said:

“The pound has fallen back somewhat since the summer and export markets in Europe are beginning to pick up.

“Latest news from the October CIPS survey shows export orders may once again be on the rise.

“But we must reckon with a continuing tough period in our export markets.

“Exporters have shown great resilience in holding up their share of export markets.  It has not been easy. I sympathise and I urge you to hang in there.”

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

An introductory guide to the reinvigorated Private Finance Initiative (PFI)  Partnerships for Prosperity’ was launched today by Paymaster General Geoffrey Robinson.

The launch of  Partnerships for Prosperity’, timed to coincide with progress in meeting further recommendations contained in the Bates review, sets out clearly in one document, the Government’s support for PFI, the role of the new Treasury Private Finance Taskforce, fundamental PFI policy principles, the procurement process, a list of key contacts and further reference areas.

Chancellor Gordon Brown said in his foreword

“This document provides a useful starting point for anyone interested in finding out about the PFI.  Avoiding too much technical detail, it sets out the general principles and places the initiative within the wider context of Government policy towards encouraging successful partnerships.”

The Paymaster also announced progress by the Taskforce on those Bates review recommendations with October deadlines.

• the Taskforce is publishing draft proposals for standardising the basic information sought from prospective PFI tenderers.  Consistency across Government will simplify procedures and reduce burdens on business;
• it is also consulting on standard wording for advertising PFI projects in the Official Journal of the European Community;
• the Taskforce called for assistance in establishing template contracts and model contract clauses in the main sectors of PFI business.

“Partnerships for Prosperity” and the model contracts being worked on by departments will be stored in a new PFI library housed in the Treasury.  The practical arrangements for the library, including the indexing system, are being worked on by the Taskforce in consultation with Departments, its most regular customers.

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

The appointment of Alan Johnson MP as Parliamentary Private Secretary to Dawn Primarolo, Financial Secretary to the Treasury, was announced today.

Alan Johnson MP (Hull West and Hessle)

Mr Johnson, 47, was elected MP for Hull West and Hessle in May 1997.

Before entering Parliament, Mr Johnson was the General Secretary of the Communication Workers Union. He sat on the National Executive Committee between 1995 and 1997, and was a member of the General Council of the Trades Union Congress (TUC) between 1993 and 1995.

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

Tax relief on charitable gifts to educational and anti-poverty projects in the poorest countries of the world to mark the Millennium was one of the options to promote economic growth and tackle poverty in the world’s poorest countries discussed when Chancellor Gordon Brown met leading Church and voluntary sector bodies at No 11 Downing Street today.

Addressing a seminar to discuss progress with his Mauritius Mandate for early and effective debt relief, Mr Brown said :

“This Christmas up to 150 million of the world’s young children will go hungry.

“150 million children under 11 will not be attending school.

“A debt burden that cripples the poorest countries and prevents them from tackling poverty and offering health and educational opportunity to their children is a debt burden that is unfair, inefficient and immoral.

“The Inland Revenue are today issuing a consultation paper canvassing options for these changes. I would welcome views on these options so that I can put a millennium fund to help the poor of the world in place by the beginning of the 1998 financial year.”

Mr Brown pledged to deliver his Mauritius Mandate call to the international community.

“The Government has already put debt on the agenda of the G7 and G8. I can promise today that under the UK Presidency we will raise the issue of debt wth our European partners.”

He also welcomed President of the Board of Trade Margaret Beckett’s announcement today that the UK will provide an extra 100 million Pounds in investment insurance to heavily indebted poor (HIPC) countries.

He also noted thatfor two years the UK export credits available to some HIPC countries will be focussed on productive expenditures that support their economic and social development, while the UK seeks a firm international understanding covering all poor countries.

The Chancellor made his announcements at a seminar to discuss progress of the Mauritius Mandate announced to Commonwealth Financial Ministers in September this year. Those attending the seminar included Secretary of State for International Development Clare Short, the Archbishop of Canterbury, Dr George Carey, Cardinal Basil Hume, and representatives of Oxfam, Christian Aid and other religious and voluntary sector organisations committed to tackling Third World poverty.

The press release issued by HM Treasury on 11 December 1997.

The Chief Secretary today announced that the Treasury and the Governor of the Bank of England are making four appointments to the Board of the Financial Services Authority.  Ms Deidre Hutton, Mr Christopher Rodrigues, Mr Robert Smith, Mr Stephen Thieke are appointed Directors.   All four are appointed for a three year term.

Mr Brian Williamson, CBE, has been reappointed for a further year from 3 November.

The Chief Secretary said today:

“I am very pleased to make the announcement of these appointments to the Board of the FSA.   The Authority has a major task ahead of it to implement our reform of financial services regulation.   I am grateful to the Board for taking on that responsibility.”

These appointments are made under the Financial Services Act 1986 but reflect the Government’s wish to see a broadly-based Board to provide effective leadership and guidance as the FSA takes on wider responsibilities.   All members serve in a personal capacity but bring particular experience to the Board’s deliberations, in particular consumer  interests, building societies, investment banking and international matters.

The press release issued by HM Treasury on 1 December 1997.

Making Government Departments better clients will deliver better value for taxpayers’ money in major contracts with the construction industry, Paymaster General Geoffrey Robinson said today.

Publication of the first of three sets of  guidance provides Departments with best practice guidance which will  improve consistency of approach to all stages of project  development leading up to the agreement of contracts.

Announcing the new guidance, Mr Robinson said :

“The construction industry is a vital part of the UK economy, and the Government is its biggest client. We spend 24 billion Pounds with it every year, 40 per cent of its total business.

“It is vital for the industry and the tax payer that Government Departments play their part in ensuring higher quality and more efficient products when preparing contracts to deliver public sector construction contracts.

“The Government is committed to encouraging the construction industry to meet the  need for innovation and improvement, working together as far as possible in partnership.  All Departments must be clear about the standards they need to attain as best practice clients, and must have firm plans for achieving them.

“This guidance, developed for the first time in consultation with the industry and reflecting its views,will do much to achieve those goals.”

The first set of guidance deals with:

• core competencies required by clients  to ensure that construction contracts deliver what is needed;
• achieving best value for money from construction procurement; and
• the appointment of consultants and contractors where the emphasis is on selection on the basis of a combination of quality and price rather than price alone.

Further guidance covering more detailed aspects of the client role, including financial aspects of construction projects,  project evaluation and feedback, teamworking and life-cycle costing, will be issued during 1998.

The guidance documents will provide best practice advice to Departments, building on and extending the Construction Industry Board (CIB) Codes of Practice. The Treasury Procurement Group has worked closely with other Departments and the construction industry to ensure that the  views of practitioners are fully represented.

The Treasury invitation to the industry to comment on the guidance, and the willingness of the industry to respond positively, is a first in this area and is a clear and significant step forward in developing a practical dialogue with Government. This approach has been strongly commended by the CIB.

The press release issued by HM Treasury on 11 December 1997.

All pensions firms, including the thousands of firms that are not being individually monitored by the Treasury, must get their act together and speed up their processing of cases, Helen Liddell, Economic Secretary, said today.

Mrs Liddell spoke after she published the latest monthly progress statistics in response to a Parliamentary question.  This revealed the position at the end of November for each of  41 pensions companies which together account for about four out of every five cases for review.   The figures show continuing variation in firms’ performance, with many  firms making headway, but too many still lagging behind.

Publishing the figures Mrs Liddell said :

“There is no cut-off point that makes a firm too small to be expected to honour  the personal pensions review.  Each and every firm – from the large household names to the smallest IFA – must get on with the urgent task of processing cases and making redress where it is due.  No-one is off the hook.

“Although much of the focus in the press has been on larger firms, I have not forgotten about the thousands of smaller firms, and neither have the regulators.”

Commenting on the figures, Mrs Liddell said :

“Too many people are still facing long delays in getting the redress that is due to them.  A few firms are now making very promising progress, but there is still  a long way to go for most of the firms listed, and sadly some have still not progressed beyond the initial stages.

“Regulatory discipline is fast becoming a real prospect for some companies.   It is now up to each firm to make every effort to make rapid progress so that the powers I outlined in the House of Commons last month do not need to be used.”

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

Up to date figures show that the Government is delivering on  ts spending promises by reallocating money to key priority areas, while sticking to the Control Total figures for this year and next, Chief Secretary Alistair Darling confirmed today.

He commented:

” We promised to stick to the existing spending ceilings for the first two years of this Parliament and that is what we are doing, whilst redirecting resources to key areas such as hospitals and schools as we said we would. This is a Government which is keeping its promises by making a substantial difference to the pattern and direction of public expenditure, while putting the public finances on a sound footing.”

Detailed figures contained in a written Parliamentary Answer show that the Government has already provided:

• an extra 1 billion Pounds for schools next year;
• an extra 1.2 billion Pounds for the NHS next year;
• an extra 300 million Pounds for patient care in the NHS this winter, paid for by switching savings from the Defence budget and from the nuclear industry, and from efficiency savings; and
• 190 million Pounds this year and next, to provide all pensioner households with a winter fuel bonus, paid for from savings on our net contributions to the European Union.

The Government has also fulfilled its commitments to fund key priorities by transferring resources from programmes which benefited only the few to those that benefit the many:

• it has passes legislation to phase out the Assisted Places Scheme, releasing money to cut class sizes to 30 or less for all five, six and seven-year-olds; and
• the Nursery Vouchers scheme will be ended from April 1998, releasing money for new local partnerships to deliver a nursery place for all four-year-olds.
• 100 million Pounds has been saved from NHS red tape for front line patient care, 10 million Pounds of which is going to ensure that all women have speedy access to breast cancer services. There will be more savings next year.

In addition to this spending within the Control Total, the Windfall Tax on the profits of the privatised utilities will fund the key elements of the Government’s Welfare to Work
programme over the lifetime of this Parliament:

• 3.1 billion Pounds for the New Deal for Young People to  give every young person who has been unemployed for six months the opportunity to work or train
• 400 million Pounds for the New Deal for the Long Term Unemployed to give new opportunities to every person unemployed for two years;
• 1.3 billion Pounds for the New Deal for Schools, funding a programme of investment in new technology and repairing school buildings;
• 225 million Pounds for the New Deal for Lone Parents; and
• 195 million Pounds for the New Deal for the Long Term Sick and Disabled.

The Chief Secretary gave details of the spending plans for each Department within the Control Total in answer to a Parliamentary Question from Stephen Timms MP. A copy of the Question and Answer are attached.