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Contractors' Commissions
Mr. Cohen: To ask the Chancellor of the Exchequer if he will introduce legislation to enable the National Audit Office to investigate the use made of public funds after they have been paid to contractors where there is suspicion that commissions have been improperly paid; if he will authorise research into the powers available for this purpose in the United States; and if he will make a statement. [6683]
Dawn Primarolo: The Government has no plans to introduce legislation in this area, and my right hon. Friend the Chancellor has no plans to make a statement. Any question of illegality would be a matter for the responsible authorities. Officials in my Department will look at the situation in the United States in this respect as the hon. Member suggests.
Personal Equity Plans
Mr. Swayne: To ask the Chancellor of the Exchequer if he will change the rules governing PEPs so that AIM stocks are eligible for inclusion. [7322]
Dawn Primarolo: We have no plans to do. Shares dealt in on the Alternative Investment Market (AIM) may qualify for the tax reliefs available for investment in unlisted companies. These include inheritance tax relief, capital gains tax reinvestment relief and reliefs under the Enterprise Investment Scheme and Venture Capital Trust Schemes. It follows that AIM shares cannot be held directly in PEPs, which are intended for listed shares and securities: they can, however, be held indirectly in PEPs by collective investment through qualifying unit and investment trusts.
Inflation
Mr. Mitchell: To ask the Chancellor of the Exchequer, pursuant to his answer of 18 June, Official Report, column 233, on the correlation between central bank independence and inflation, if he will list the studies which his Department has evaluated. [6872]
Mrs. Liddell:
The Treasury has evaluated a number of studies on the relationship between central bank independence and inflation. A recent study by Eiffinger and De Haan (1996), "The Political Economy of Central
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Bank Independence", Special Papers in International Economics, Princeton University, identified twenty separate studies, all but two of which concluded that central bank independence is associated with lower inflation.
Mr. Peter Bottomley:
To ask the Chancellor of the Exchequer for how long a person on average earnings would have to work to accumulate £240,000 after deductions for tax and national insurance. [3775]
Dawn Primarolo:
It is extremely difficult to predict, but using the assumptions chosen by the hon. Member, approximately 15 years.
Ms Lawrence:
To ask the Chancellor of the Exchequer what plans he has to issue new commemorative coins.[8406]
Mr. Gordon Brown:
Her Majesty The Queen has been graciously pleased to approve a recommendation that Britannia bullion coins in gold and silver should be issued later this year to celebrate the tenth anniversary of the introduction of the Britannia gold bullion coins in 1987 and the 300th anniversary of the adoption of the Britannia silver hallmarking standard in 1697.
She has also been graciously pleased to approve a recommendation that a crown piece with a face value of five pounds should be issued in 1998 to celebrate the fiftieth birthday of His Royal Highness The Prince of Wales; and she has further approved the issue in 1998 of a fifty pence piece featuring a special design to commemorate the twenty-fifth anniversary of Britain's entry into the European Economic Community on 1 January 1973 and Britain's Presidency of the European Union during the first six months of 1998.
It is intended that the fifty pence piece will be available in 1998 for general circulation and that there will also be collector versions in base and precious metal. The other commemorative coins will be struck primarily for collectors, though the crown pieces celebrating the fiftieth birthday of His Royal Highness The Prince of Wales will also be made available from banks and post offices at face value during the course of 1998.
Helen Jones:
To ask the Chancellor of the Exchequer (1) what is the projected increase in travelling expenses which would result from the transfer of caseworkers from the Warrington Valuation Office to Liverpool and Manchester; [6268]
(3) what estimate he has made of the capital value of the building currently housing the Warrington Valuation Office; [6270]
(4) what estimate he has made of the costs of necessary refurbishment works on the Warrington Valuation Office; [6271]
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(5) what is the annual income generated by the Warrington Valuation Office. [6272]
Dawn Primarolo
[holding answer 3 July 1997]: The information requested falls within the responsibility of the Acting Chief Executive of the Valuation Office Agency. I have asked him to arrange for a reply to be given.
Letter from Peter Upton to Helen Jones, dated 10 July 1997:
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Mr. Keetch:
To ask the Chancellor of the Exchequer if he will publish his Department's submissions relating to freedom of information legislation. [6029]
Mrs. Liddell
[holding answer 2 July 1997]: I refer the hon. Member to the reply given by the Prime Minister on 4 July 1997, columns 293-94.
Mr. Corbett:
To ask the Chancellor of the Exchequer if he will make it his policy to ensure that small investors are directly represented on the re-formed Securities and Investments Board. [7363]
Mrs. Liddell
[holding answer 9 July 1997]: The Government has made clear its intention that the new financial regulator should be credible to investors and accountable to the public. Details of the composition of its board have yet to be determined.
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Mr. Corbett:
To ask the Chancellor of the Exchequer what steps he is taking to ensure that small investors are consulted over proposals to extend the regulatory duties of the Securities and Investments Board. [7364]
Mrs. Liddell
[holding answer 9 July 1997]: The Government's plans to reform financial regulation will include consultation with all who are interested.
(2) what estimates he has made of the extra cost per annum of accommodation and parking in Liverpool and Manchester, arising from the transfer of the work of the Warrington Valuation Office to these locations; [6269]
In your questions to the Chancellor (ref 6268-6272) you ask for information concerning the proposed closure of the Warrington Valuation Office and I have been asked to reply direct to you.
Following the Review of the Valuation Office as a Next Steps Agency in 1995, we are committed to further enhance efficiency and effectiveness through, among other things, the streamlining of our network of local offices. These efficiencies which amount to some 30% over 5 years have already been reflected in our forward plans and expenditure projections.
The new Valuation Office structure is designed to enable us to:
improve quality and levels of service
become more flexible and responsive to clients' needs and changing workloads
concentrate our work processing functions within fewer locations via a new computer system
reduce management layers and develop teams dedicated to specific clients or type of work.
The information you requested is as follows:
Question Answer What is the projected increase in travelling expenses which would result from the transfer of caseworkers from the Warrington Valuation Office to Liverpool and Manchester? From the estimates that have been made covering the overall office closure programme, the average increase in travel costs per location has been calculated at circa £20,000 per annum. This may well be reduced in practice as many caseworkers undertake journeys to clients and customers direct from home.
What estimates have been made of the extra cost per annum of accommodation and parking in Liverpool and Manchester when transferring the work of the Warrington Valuation Office to these locations? There will be no additional costs of accommodation at Liverpool and Manchester as the Agency has sufficient space at these locations to absorb the staff and files/records from Warrington. Car parking will be provided in Liverpool and Manchester for essential car users at a cost of around £825 per space per annum and £1100 respectively but the closure of the Warrington office reduces the Agency's overall running cost.
What estimate has been made of the capital value of the building currently housing the Warrington Valuation Office? It is considered that the freehold building and site can be sold for a significant capital sum which will benefit the public purse. The final price will be determined just prior to any sale and may be subject to commercial confidentiality particularly if it is disposed of by auction or tender.
What estimate has been made of the costs of necessary refurbishment works on the Warrington Valuation Office? To bring the Warrington accommodation up to modern standards it is estimated that the cost will be around £400,000 based on similar refurbishments recently undertaken by the Agency.
What is the annual income generated by the Warrington Valuation Office? For 1996-97 the income from the Warrington Valuation Office was £1.92 million and it is anticipated that this income will be maintained or exceeded following the proposed restructuring proposals.
I trust you will find the above information useful.
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