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UK Economy (Growth Prospects)
Mr. Dykes: To ask the Chancellor of the Exchequer if he will assess the prospects for growth in the United Kingdom economy for the first six months period of the present calendar year, with particular reference to (a) consumer spending, (b) spending on net new domestic capital formation from all sources and (c) the estimated impact of major public sector infrastructure schemes; and if he will make a statement. [14310]
Mrs. Angela Knight: The prospects for growth are excellent. The UK economy is now well into its fifth year of sustained expansion, and all forecasters share the Government's view that 1997 will see another year of healthy growth. Growth is expected to continue to be broadly based, with faster growth in consumers' expenditure, accelerating investment and rising exports. Lower public sector capital expenditure during 1997-98 will be offset by rising capital expenditure under the private finance initiative.
European Single Currency
Mr. Gunnell: To ask the Chancellor of the Exchequer what assessment he has made of how adherence to the criteria for joining the European single currency would affect the United Kingdom economy. [14175]
Mr. Kenneth Clarke:
The Maastricht convergence criteria of low inflation and sound public finances make sound economic sense in their own right, with or without EMU. They will continue to form the basis of the Government's policies to ensure future growth, job creation and rising living standards.
13 Feb 1997 : Column: 315
Mr. Steen:
To ask the Chancellor of the Exchequer what is his estimate of the total revenue raised from the imposition of value added tax on recombinant factor 8 used in the treatment of haemophiliacs. [15386]
Mr. Oppenheim
[holding answer 12 February 1997]: The application of the standard rate of VAT to recombinant factor 8 is common to all manufactured drugs. It is estimated to raise approximately £1 million per year.
Mr. Matthew Banks:
To ask the Chancellor of the Exchequer if he will make a statement about the privatisation of the Paymaster agency. [16092]
Mr. Oppenheim:
Conditional agreements for the sale of both the pensions and banking businesses of Paymaster, together with its IT support and its building in Crawley, were exchanged with a joint venture between EDS and Hogg Robinson yesterday. These are subject only to Transfer of Undertakings (Protection of Employment Regulations 1981) consultations, which can begin with the company at once.
The £22.7 million consideration agreed with the purchasers represents a good outcome for the taxpayer. The purchasers have made it clear that they intend to develop the business through the winning of new contracts and the transfer-in of other existing business, and to continue operations from its current Crawley and Basingstoke locations, so the outcome is equally good for the agency's staff and customers.
On the pensions side, the schemes will, of course, continue to be funded and have their rules set by sponsoring Government Departments, which will also remain responsible for ensuring service levels; only the administrative functions are being contracted out to the privatised agency.
On the banking side, I announced on 31 October 1996, Official Report, column 255, the creation of a new Office of HM Paymaster General as a separate statutory body within the National Investment and Loans Office to maintain control over the Paymaster General's accounts at the Bank of England. The privatised agency will supply transaction services to this office on behalf of its departmental and other public sector customers.
I believe that this is an excellent outcome for all. The purchasers are eager to keep the present business intact and to build on the service improvements introduced in recent years by the current management. They bring formidable IT and transaction-processing expertise to support those efforts, combined with a powerful private sector pensions reputation and marketing experience. Paymaster can look forward to becoming a player of repute in the private sector market that was previously closed to it, and customers can expect even higher service levels and more competitive prices in future.
Mr. Kilfoyle:
To ask the Chancellor of the Exchequer what plans the Government have for the disposal of their shareholding in the Mersey Docks and Harbour Company. [15223]
13 Feb 1997 : Column: 316
Mr. Jack:
The Government own some 12.4 million shares in the Mersey Docks and Harbour Company, representing around 13.9 per cent. of the company's issued share capital. The Government have no immediate plans for the sale of their holding.
Mr. Cohen:
To ask the Chancellor of the Exchequer, pursuant to his answer of 18 December 1996, Official Report, columns 636-37, if he will place in the Library copies of pages 2 to 4 of the letter of 30 November 1995 from the chairman of the United Nations special commission on arms supplies to Rwanda to the international liaisons section of United Kingdom Customs and Excise. [14961]
Mr. Oppenheim:
The letter of 30 November 1995 indicates that the attachment accompanying the letter was a copy of the United Nations Security Council resolution 1013 (1995). That was the sole content of pages 2 to 4 of the fax. A copy of that resolution is already held in the Library.
Mr. Wigley:
To ask the Chancellor of the Exchequer if he will list the tables and graphs in "Social Trends" that make use of data drawn from the general household survey. [14686]
Mrs. Angela Knight:
The information requested falls within the responsibility of the chief executive of the Office for National Statistics. I have asked him to arrange for a reply to be given.
13 Feb 1997 : Column: 317
2001 Census
Mr. Frank Field: To ask the Chancellor of the Exchequer if the draft religious questions which are being tested for inclusion in the 2001 census are being phrased in such a way as to identify each of the main Christian denominations. [14389]
Mrs. Angela Knight:
The question on religious affiliation to be asked in the 1997 census test in England and Scotland will include pre-coded tick-boxes for Christian, Buddhist, Hindu, Islam, Jewish and Sikh, but
13 Feb 1997 : Column: 318
will not identify the main Christian denominations. The census test in Northern Ireland will include a different question, which is worded to meet the local requirements for information, and which does identify the main Christian denominations present in the Province.
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