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International Development White Paper
Dr. Tonge: To ask the Chancellor of the Exchequer what new policies are being developed by his Department to promote international development and poverty eradication; and if they will be included in the proposed White Paper on international development. [8999]
Mrs. Liddell: The Secretary of State for International Development is responsible for Government policy on development. She will publish the White Paper. The Treasury is one of a number of Government Departments consulted by the Department for International Development on the White Paper, and our contributions will be set out in that document.
Financial Regulation
Mr. Timms: To ask the Chancellor of the Exchequer if he will make a statement about the future of (a) the Building Societies Commission, (b) the Friendly Societies Commission and (c) the Registry of Friendly Societies. [10553]
Mr. Waterson: To ask the Chancellor of the Exchequer what plans he has to review the structure, powers and scope of operation of the Securities and Investments Board; and if he will make a statement. [9693]
Mrs. Liddell: My right hon. Friend, the Chancellor of the Exchequer announced on 20 May, Official Report, columns 508-11, that the Government will be bringing forward legislation to reform the structure of financial regulation and to create a single enhanced financial services regulatory body. The legislation to establish this regulatory body will provide for the transfer to the new body of all the functions currently carried out by the Building Societies Commission, the Friendly Societies Commission, and the central office of the Registry of Friendly Societies. These arrangements will further enhance the existing high standards of supervision and regulation in this area by integrating it with the regulation of all financial sectors, including banking, insurance, and other financial services.
Stock Exchange
Mr. Timms:
To ask the Chancellor of the Exchequer if he will make a statement about the proposed trade publication regime for the London stock exchange's new electronic trading system. [10552]
23 Jul 1997 : Column: 594
Mrs. Liddell:
I have now received advice from the Securities and Investments Board on the London stock exchange's proposed trade publication arrangements for its new stock exchange electronic trading service.
I endorse the advice from the SIB that the exchange's proposed trade publication rules for SETS should enhance the price formation process, improve the quality of transparency and so make for a fairer market. The Treasury has also received advice on this matter from the Director General of Fair Trading. This concludes that, although there is a potential competition issue here, none of the proposed rules--which will be kept under review by the DGFT--is significantly anti-competitive at present.
I welcome the stock exchange's plans to move to a more transparent trading system on the introduction of its electronic order book. In my view, the proposed new rules strike a sensible balance between the need to maximise the transparency of the UK equity market, so that investors can be confident that they are trading on an equal basis with other market participants; and the need to maintain arrangements which enable risk principle trading to continue for those investors wishing to obtain competitive prices for large trades. The result should be to enhance the liquidity of the UK equity market and make it even more attractive to international investors.
The Treasury is today submitting a memorandum to the Treasury Committee in response to the Committee's recent reports on the London stock exchange. Apart from trade publication, one of the other issues raised by the Committee was the exchange's corporate governance arrangements. The exchange's planned move to a new trading system this autumn demonstrates that it is capable of taking and implementing strategic decisions about its market in the light of commercial and competitive factors. However, I agree with the Committee that the effectiveness of the exchange's corporate governance arrangements is an important issue and one which will need to be kept under review. In this context, the Treasury fully supports the governance principles espoused by the SIB--that a recognised investment exchange should avoid any conflict between its regulatory role and the pursuit of its commercial interests, and that an exchange should be run in the interests of the full range of its users and members.
Sir Richard Body:
To ask the Secretary of State for Education and Employment what plans he has for the future of TECs. [7912]
Dr. Howells:
The Government value the work of TECs and the commitment given by so many business and community leaders through their involvement with the TEC movement. As strong employer-led strategic bodies TECs are well placed to play an important role in supporting the Government's objectives. Over the summer, we will be working with them through our Government offices for the regions to see how they may best re-focus their activities in line with the Government's priorities.
23 Jul 1997 : Column: 595
Sir Richard Body:
To ask the Secretary of State for Education and Employment if he will make a statement on the amount of reserves held by TECs. [7911]
Dr. Howells:
At the end of the financial year 1995-96, total reserves held by training and enterprise councils were almost £260 million. That is the most recent year for which information is available. TECs have provided further information which reports that the total reserves comprised £51 million for investment in capital assets, £86 million for working capital and £123 million for discretionary expenditure. Of the sum available for discretionary expenditure, TECs report that £102 million was committed for planned expenditure in 1996-97 and beyond for training, enterprise and economic regeneration activities. TEC reserves are already being used extensively to support local labour market needs. I am confident that TECs will now be able to contribute with their reserves to the challenging agenda set out in our manifesto for education, training and lifelong learning.
Sir Richard Body:
To ask the Secretary of State for Education and Employment what plans he has to fund individual learning accounts. [8015]
Dr. Howells:
The Government will publish their plans on individual learning accounts in their White Paper on lifelong learning to be published in the autumn.
Sir Richard Body:
To ask the Secretary of State for Education and Employment what is Her Majesty's Government's policy in respect of work experience for 16 to 17-year-olds; and if he will make a statement. [9083]
Dr. Howells:
Work experience has an important contribution to make in preparing young people for adult and working life, whichever learning route they choose at 16.
Mr. Baker:
To ask the Secretary of State for Education and Employment what steps he is taking to enable students studying for science degrees and doctorates to avoid taking part in animal experiments they do not wish to participate in. [9988]
Dr. Howells:
Under the terms of the Further and Higher Education Act 1992, the Secretary of State for Education and Employment has no powers to influence particular courses of study or programmes of research carried out in higher education institutions.
It should be clear to students before they start a particular course of study whether or not it will involve animal experimentation. In some cases, it would be possible for students to opt for alternative modules if they so wished. However, a student's decision as to whether or not to participate in animal experimentation is a matter between the individual student and the relevant institution.
Sir Peter Emery:
To ask the Secretary of State for Education and Employment what is the estimated loss of time from work caused by asthma. [8857]
23 Jul 1997 : Column: 596
Angela Eagle:
I have been asked to reply.
I refer the hon. Member to the answer given to him by the Under-Secretary of State for Social Security on Tuesday 22 July 1997, Official Report columns 576-77, which estimates 17 million days per year of certified incapacity due to sickness and invalidity caused by asthma. This estimate includes all causes of asthma and does not specifically relate to occupational causes.
Mr. Edward Davey:
To ask the Secretary of State for Health what plans he has to review regulation 11 of the NHS (Fundholding Practices) Amendment Regulations; and if he will make a statement. [9889]
Mr. Milburn:
The national health service executive will keep the operation of this measure, like all other elements of the general practitioner fundholding scheme, under careful review.
Mrs. Ballard:
To ask the Secretary of State for Health what advice his Department has issued to national health psychiatrists on false memory syndrome and recovered memories. [9861]
Mr. Boateng:
Guidance on false memory syndrome was published last October in the Department of Health document entitled "NHS Psychotherapy Services in England--Review of Strategic Policy", copies of which have been placed in the Library.
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