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Jobseeker's Allowance
Mr. Barry Jones: To ask the Secretary of State for Wales how many (a) men and (b) women receive the jobseeker's allowance in Wales; and if he will make a statement. [1997]
Mr. Bradley: I have been asked to reply.
The information is in the table.
Notes:
(13) Claimants not entitled to contribution-based Jobseeker's Allowance (JSA) or income-based JSA who qualify for national insurance credits. This category also includes claimants who might be entitled to contribution-based JSA, income-based JSA or national insurance credits but has not had this established at the time of the enquiry.
1. Excludes claimants on Government Training Schemes.
2. Figures may not sum due to rounding.
Source:
JSA summary statistics: February 1997 QSE.
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TREASURY
Interest Rates
Mr. Jack: To ask the Chancellor of the Exchequer, pursuant to his answer of 3 June, Official Report, column 147, if he will state numerically what constitutes high and stable levels of growth and employment for the British economy for the financial years (a) 1997-98, (b) 1998-99 and (c) 1999-2000. [3333]
Mrs. Liddell: I refer to the answer I gave to the right hon. Member on June 2, Official Report, column 147.
Mr. Denzil Davies: To ask the Chancellor of the Exchequer under what authority operational responsibility for setting official interest rates has been transferred to the Bank of England. [3602]
Mrs. Liddell [holding answer 16 June 1997]: The Chancellor of the Exchequer announced on 6 May that operational responsibility for setting interest rates would be transferred to the Bank of England; that legislation placing this responsibility on a statutory footing would be introduced as soon as possible; and that, during the intervening period until the legislation came into force, all aspects of the new arrangements for making and announcing decisions on monetary policy would operate on a de facto basis.
Mr. Mitchell: To ask the Chancellor of the Exchequer what consideration he expects the Bank of England monetary policy committee to give to (a) existing and (b) announced fiscal policy measures in setting interest rates. [4274]
Mrs. Liddell: It is the job of the Bank's Monetary Policy Committee to set interest rates to achieve the Government's inflation target. In doing that the Committee will take into account a wide range of information, including fiscal policy measures.
Mr. Mitchell: To ask the Chancellor of the Exchequer what assessment he has made of the impact of the increase in interest rates since 1 May on (a) inflation, (b) growth, (c) employment and (d) the exchange rate. [3233]
Mrs. Liddell:
The Government have put in place a monetary framework designed to achieve economic stability. Economic stability is a precondition for high and stable levels of growth and employment. The Chancellor's assessment of the impact of the interest rate increase of
18 Jun 1997 : Column: 228
6 May was set out in a Treasury press release (40/97) of 6 May. The Bank has been given operational responsibility to set interest rates at a level to achieve the Government's inflation target.
Mr. Mitchell:
To ask the Chancellor of the Exchequer (1) by what means the interests of (a) manufacturing industry and (b) British regions are taken into account by the Bank of England in determining interest rates; [3263]
Mrs. Liddell:
In determining interest rates, the Monetary Policy Committee of the Bank of England will be able to draw on the information gained from business surveys, and the Bank's network of regional agents which cover the whole of the United Kingdom. The bank's agents have widespread contacts with companies, both large and small, and other organisations covering all sectors of the economy.
Mr. Mitchell:
To ask the Chancellor of the Exchequer if he will list those OECD countries where central banks determine interest rates (a) without regional representation to the Bank and (b) without a contract between bank and Government setting out the bank's targets. [3264]
Mrs. Liddell:
All central banks tend to take regional developments into account when setting interest rates. The form of regional representation, however, varies across countries with independent central banks. For example, in Germany and the US regional central bank presidents sit on the Committee determining interest rates. In contrast, there is no such regional representation in other countries, such as New Zealand. With regard to contracts, in some countries, for example Germany, central banks determine interest rates without formal agreement with the respective government. In other countries, more less formal agreements exist, as in the case of Canada.
Mr. Mitchell:
To ask the Chancellor of the Exchequer how he proposes to co-ordinate demand management and fiscal and monetary policy following the transfer of decision-making on interest rates to the Bank of England. [3196]
Mrs. Liddell:
The Government aim to achieve lasting economic stability through prudent economic management and sound finance. Co-ordination of fiscal and monetary policy will be assisted by having the Treasury representative on the Bank's Monetary Policy Committee in a non-voting capacity.
Mr. Mitchell:
To ask the Chancellor of the Exchequer (1) what instructions and targets he has given to the Bank of England in respect of levels of (a) growth, (b) unemployment and (c) inflation in its determination of interest rates; [3231]
18 Jun 1997 : Column: 229
Mrs. Liddell:
The Government's central economic objectives are high and stable levels of growth and employment. The Bank of England is responsible for taking the operational decisions necessary to meet the Government's inflation target of 2½ per cent. A copy of the remit for the Bank's Monetary Policy Committee and background notes can be obtained from the House of Commons Library.
Mr. Tyrie:
To ask the Chancellor of the Exchequer what is the reason for the division of responsibility for the management of foreign exchange reserves between the Bank of England and the Treasury. [3713]
Mrs. Liddell
[holding answer 16 June 1997]: The purpose of the bank having its own separate pool of foreign exchange reserves to use at its discretion is to allow it to intervene in support of its monetary policy objective.
Mr. Burstow:
To ask the Chancellor of the Exchequer what representations his Department has made to the Halifax Bank in relation to its policy on distributing windfall payments to disabled savers. [3229]
Mrs. Liddell
[holding answer 17 June 1997]: None. The broad framework with which distribution schemes must conform is set out in the Building Societies Acts. The detailed nature of any particular scheme is for a society's board and members to determine.
Mr. Tyrie:
To ask the Chancellor of the Exchequer if he will make the appointment and reappointment of the Governor of the Bank of England subject to approval by this House. [3762]
Mrs. Liddell
[holding answer 16 June 1997]: The Governor of the Bank of England is appointed by Her Majesty the Queen. As the Chancellor said in his letter of 6 May, the Governor will be appointed for a five-year term.
Mr. Tyrie:
To ask the Chancellor of the Exchequer if verbatim minutes of the monetary committee of the Bank of England will be published; and if individual members of the committee will be permitted to make dissenting statements prior to their publication. [3764]
Mrs. Liddell
[holding answer 16 June 1997]: The monetary policy committee has agreed that the minutes will not be a verbatim record of the discussion. The committee is considering what guidelines its members should adopt in their public comments.
Ms Kelly:
To ask the Chancellor of the Exchequer if non-voting members will be permitted to take part in the deliberations of the Monetary Policy Committee of the Bank of England. [4242]
Mrs. Liddell:
The Treasury representative on the Monetary Policy Committee can take part in the discussion, but not in the decision on interest rates.
18 Jun 1997 : Column: 230
Ms Kelly:
To ask the Chancellor of the Exchequer if the minutes of the Bank of England's Monetary Policy Committee will attribute to individual members of the Committee the comments made by them during the Committee's discussions; and after what interval he proposes that the minutes will be published. [3054]
Mrs. Liddell:
The votes of individual members will be recorded, and if there are dissenting votes the reasons for them will be attributed. The minutes will be published within six weeks of each meeting.
Mr. Green:
To ask the Chancellor of the Exchequer how he will measure the success of the Bank of England's Monetary Policy Committee in meeting his inflation target. [3322]
Mrs. Liddell:
The Chancellor wrote to the Governor of the Bank of England setting out the remit for the Bank's Monetary Policy Committee on June 12. A copy of the remit can be obtained from the House of Commons Library.
Mr. Mitchell:
To ask the Chancellor of the Exchequer if he will invite hon. Members to make representations to the Bank of England's Monetary Policy Committee. [3195]
Mrs. Liddell:
The new arrangements will ensure that the Monetary Policy Committee is fully accountable for its interest rate decisions to the Government, Parliament and the people. It will be accountable to Parliament through the Treasury Select Committee, which will have the opportunity to examine the Bank's performance on monetary policy on a regular basis.
Mr. Maples:
To ask the Chancellor of the Exchequer what assessment he has made of the performance of the Bank of England in managing the Government's cash reserves. [3240]
Mrs. Liddell:
Currently, the Government's cash management is handled by the Bank of England as a part of its money market operations by which short-term interest rates are influenced. It is therefore difficult to separate the costs of cash management from the costs of administering monetary policy. However, the total cash needs of Government are automatically managed through coordination of the Exchequer's accounts at the Bank to minimise the amount of gross overnight borrowing required by Government.
(2) how the views and needs of manufacturing industry in (a) Scotland and (b) the English regions in respect of interest and exchange rates are to be assessed by the Bank's Monetary Policy Committee; and if he proposes to incorporate representatives of Scotland and the English regions in the process of considering interest rate changes. [4036]
(2) if he makes representations to the Bank of England's Monetary Policy Committee about his intentions and aims in respect of (a) growth, (b) unemployment, (c) growth in demand and (d) fiscal policy before its meetings. [3213]
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