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Share Trading
Ms Abbott: To ask the Chancellor of the Exchequer if he will make inquiries into the reason for the delay in the introduction by the London Stock Exchange of order-driven share trading; and if he will make a statement. [3211]
Mrs. Liddell: The timing of the introduction of order-driven trading in FTSE-100 shares is a matter for the London Stock Exchange subject to the approval of the Securities and Investments Board. I am advised that 20 October remains the Stock Exchange's planned starting date.
Exchange Rate Policy
Mr. Maples: To ask the Chancellor of the Exchequer what is the Government's exchange rate policy. [3244]
Mrs. Liddell: The Government wants a stable and competitive pound over the medium term, consistent with its objective of price stability.
Economic Growth
Mr. Maples: To ask the Chancellor of the Exchequer what is his estimate of the growth rate of the British economy, expressed as a percentage rise in non-oil gross domestic product, for 1997. [3238]
Mrs. Liddell: My right hon. Friend the Chancellor of the Exchequer will provide his forecast of the UK economy when he presents his Budget on 2 July.
Bank of England Monetary Policy Committee
Mr. Green: To ask the Chancellor of the Exchequer what meetings he plans to have with the members of the Bank of England's Monetary Policy Committee. [3320]
Mrs. Liddell: The Chancellor has no plans to meet or communicate with the members of the Monetary Policy Committee. The Treasury will be represented at the Committee's meetings in a non-voting capacity.
Privatisation
Mr. Lansley: To ask the Chancellor of the Exchequer if he will list those companies privatised since 1979; and if he will define utility for the purposes of industrial regulation. [3129]
Mr. Geoffrey Robinson: Table 3.13 of the Public Expenditure Statistical Analyses 1997-98 (HMSO Cm 3601) lists companies privatised since 1979. The Chancellor of the Exchequer will announce details of the windfall levy in his Budget statement on 2 July.
Minimum Wage
Mr. Ruffley: To ask the Chancellor of the Exchequer what representations he has received from small businesses and small business organisations regarding the impact on the economy of a national minimum wage.[3679]
Mr. Geoffrey Robinson:
My right hon. Friend the Chancellor of the Exchequer and his Ministerial colleagues have received a number of representations. He
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is keen to have the views of small businesses on this matter. That is why small businesses will be represented on the Low Pay Commission, which will advise the Government on the appropriate level of the minimum wage, taking into account the wider effects on the economy.
Mr. Timms:
To ask the Chancellor of the Exchequer if he will make a statement on the recent Council meeting of the Economic and Finance Ministers of the European Union. [3768]
Mr. Gordon Brown:
I represented the UK at the Economic and Finance Council--ECOFIN--of the European Union in Luxembourg on 9 June, preceded by a working dinner on 8 June.
I presented my initiative to "Get Europe Back to Work", which proposes a number of measures to increase employment and employability across Europe, including the discussion of national employment programmes by European Finance Ministers. This received a warm welcome from the Council, which noted that employment was a key issue which Europe needed urgently to address and recognised the need for member states to work together to implement practical measures to combat unemployment.
The Council discussed the Stability and Growth Pact the texts of which are to be submitted to the European Council.
Finance Ministers examined a number of design series for common European faces for single currency coins. The final selection of the winning series will be made by Heads of State and Government.
The Council took note of Luxembourg's plans for work in ECOFIN during their forthcoming Presidency of the EU, including taking forward technical aspects of the preparation for stage three of EMU and co-ordination of economic policies.
The series of "structured dialogues" with Ministers of the Central and Eastern European countries continued with a discussion of capital liberalisation reform of the financial sector. It was recognised that these countries still have some way to go to strengthen the structures of their financial sectors.
The Council agreed a draft for a European Council Resolution, to be endorsed at the Amsterdam meeting, establishing a new voluntary exchange-rate mechanism.
The Council reached agreement on texts relating to the legal framework for the euro, subject to outstanding UK Parliamentary Scrutiny reserves.
The Council carried out an examination of Ireland's convergence programme for the period 1997 to 1999. It welcomed the strategy of combining budgetary consolidation, stability-oriented monetary and exchange rate policies and limiting wage growth as the basis for continuing economic growth.
The Council agreed a report on the implementation of the 1996 Broad Economic Policy Guidelines and the draft
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of the 1997 Guidelines. Both will go forward to the European Council.
The Council discussed a progress report on the Sound and Efficient Management 2000 programme of financial management reform. Further detailed technical work will be taken forward by the Commission.
The Council took note of the Commission's annual report on the Fight Against Fraud programme and gave broad support to its work programme for the coming year. It was noted that the UK felt that levels of fraud against the Community budget were still too high and the Council's attention was drawn to UK proposals in the IGC to help combat fraud.
The Council discussed the extension of a number of derogations from the Mineral Oils Directive, without reaching final agreement.
The Presidency presented its text of the Settlement Finality and Collateral Security Directive, which was acceptable to all member states.
Mr. Mitchell:
To ask the Secretary of State for Education and Employment what is his assessment of the minimum rate of unemployment for adult men consistent with a high and sustainable rate of growth. [2282]
Mr. Andrew Smith:
Claimant unemployment amongst adult men is currently around 1.3 million (8.1 per cent.), 60 per cent. higher than in 1979. However, it is necessary to look at more than just the unemployment of a particular group. The Government's aim is to achieve a high and stable level of employment, by running a successful, low-inflation economy and through policies which improve the operation of the labour market and open up job opportunities to all groups in society--men and women, young and old.
Mr. Richard Allan:
To ask the Secretary of State for Education and Employment what plans he has to make further education colleges more accountable to the local communities they serve; and if he will make a statement.[2817]
Dr. Howells:
My right hon. Friend has no immediate plans to change the constitutional arrangements for further education colleges.
Mr. Gordon Prentice:
To ask the Secretary of State for Education and Employment if he will make it his policy in advance of the introduction of the national minimum wage to give jobcentre managers discretion to refuse a job advertisement where the wage rate is assessed to be unreasonably low. [2996]
Mr. Alan Howarth:
There are no plans to do so in advance of the conclusions of the Low Pay Commission. However, where an employer notifies a jobcentre of a
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vacancy offering a rate of pay which appears unduly low, jobcentre staff should advise the employer of the local rates of pay for the job and that their vacancy may be difficult to fill.
Mr. Don Foster:
To ask the Secretary of State for Education and Employment what is his policy in respect of top-up fees at universities; and if he will make a statement. [3031]
Dr. Howells:
We are committed to maximising the opportunity for access to higher education, but will wish to take into account the recommendations of the National Committee of Inquiry into Higher Education, which is expected to report next month, before reaching decisions on the future funding of higher education.
Mr. Drew:
To ask the Secretary of State for Education and Employment how many nursery vouchers have been issued in the Stroud constituency; what percentage of eligible children have taken up the vouchers; and if a date has yet been agreed for the ending of the voucher scheme.[1097]
Mr. Byers
[holding answer 10 June 1997]: Of the estimated 7,180 children resident in Gloucestershire who are eligible for a nursery education voucher for the summer term, 6,970 (97 per cent.) have been sent vouchers. Information on the parliamentary constituency in which children are resident is not held centrally.
We announced on 22 May that the voucher scheme will finish in England at the end of this term. There will be new arrangements which will lead to a place being secured for every eligible four-year-old with effect from September 1998.
Mr. Gibb:
To ask the Secretary of State for Education and Employment what expenditure savings have been budgeted by the Treasury for (a) 1997-98 and (b) 1998-99 as a result of the Government's proposed abolition of nursery vouchers. [3643]
Mr. Byers:
We intend to use the money allocated to the nursery voucher scheme to implement an early years policy which better serves the needs of young children, their parents and the providers of the services they use.
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