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Cattle Traceability System
Mr. Hill:
To ask the Minister of Agriculture, Fisheries and Food what proposals the Government have for a computerised cattle traceability system; and if he will make a statement. [9119]
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Mr. Rooker:
We intend to introduce such a system as soon as we can. Work is now under way, including discussions on detailed points of implementation with the livestock industry.
Investors Compensation Scheme
Mr. Waterson: To ask the Chancellor of the Exchequer what assessment he has made of the administration of the investors compensation scheme with particular reference to the financial services firm Knight Williams and Co.; and if he will make a statement. [9698]
Mrs. Liddell: Oversight of the investors compensation scheme is the responsibility of the Securities and Investments Board.
Windfall Tax
Mr Colvin: To ask the Chancellor of the Exchequer what assessment he has made of the impact on pension funds of (a) changes to advance corporation tax in the Budget and (b) the introduction of the windfall tax; and if he will make a statement. [7647]
Dawn Primarolo: Changes to the corporation tax system announced in the Budget will encourage long-term investment. The windfall tax funds the new deal for young and long-term unemployed, for lone parents and for schools. This is a significant investment in human capital. Pension funds should benefit over the long-term from the improved company performance resulting from the strong and stable economy which this Budget promotes.
Mr. Vaz: To ask the Chancellor of the Exchequer how many representations he has received from (a) hon. Members and (b) members of the public concerning his windfall tax proposals. [9887]
Mr. Geoffrey Robinson: Some 30 hon. Members have written attaching constituents' letters. Some 130 letters have been sent direct by members of the public. The vast majority were in favour of the Government's proposals to introduce a windfall tax on the excess profits of the privatised utilities.
Mr. Beith: To ask the Chancellor of the Exchequer if, under his proposals in the Finance Bill, any liability to windfall tax can arise (a) in respect of the profits earned by privately owned statutory water companies, and (b) where such companies have been taken over by privatised companies, in respect of any part of the profits attributable to that part of the business which was previously in private ownership. [10146]
Mr. Robinson
[holding answer 22 July 1997]: The windfall tax applies only to companies previously within the public sector which were privatised by flotation and are subject to economic regulation by statute; that definition excludes water companies which have always been in the private sector. The tax is charged on the difference between the value of the floated company, calculated by reference to profits made in the initial period after flotation, and the value placed on the company at the time of flotation. Where the floated company has produced group accounts, these are used to produce the relevant profit figure.
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Mr. Boswell:
To ask the Chancellor of the Exchequer what information his Department collates on privatisation exceeding £50 million in other countries of the European Union; what were the premiums on the issue price five years after privatisation; and what windfall taxes were imposed. [10007]
Mr. Robinson:
No such information is collated.
Sir Richard Body:
To ask the Chancellor of the Exchequer if the United Kingdom has official agreed to join the stability pact set out at Amsterdam in the presidency conclusions; at what point the United Kingdom will be bound by its provisions; and if he will make a statement. [10209]
Mrs. Liddell
[holding answer 22 July 1997]: The stability and growth pact comprises two regulations and a resolution of the European Council. The first regulation, on the surveillance procedures, comes into force on 1 July 1998; and the second, on the excessive deficits procedures, comes into force on 1 Janaury 1999, in accordance with the timetable for the single currency. The pact creates no new legal obligations on the conduct of the Government's economic policy in view of the opt-out. Sanctions under the excessive deficits procedure cannot apply to the United Kingdom if we do not join the single currency.
Mr. Caton:
To ask the Chancellor of the Exchequer if he will list the gross domestic products of (a) England, (b) Scotland, (c) Northern Ireland and (d) Wales as a percentage of the United Kingdom gross domestic product in each year from 1979 to 1995. [9984]
Mrs. Liddell
[holding answer 22 July 1997]: 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.
Letter from Tim Holt to Mr. Martin Caton, dated 24 July 1997:
The Chancellor of the Exchequer has asked me to reply to your recent question on estimates of Gross Domestic Product for the territories of the United Kingdom for each year from 1979 to 1995.
Estimates of GDP for Wales, Scotland, Northern Ireland and the Standard Statistical Regions of England for the years 1985 to 1995 were published in the article "Regional Accounts 1995 part 1" starting on page 15 of the January/February 1997 edition of Economic Trends, which is available in the House of Commons Library. Data for the whole period 1979 to 1995 are available on the Regional Accounts Database, which can be accessed by the Library.
National Savings
Ms Lawrence: To ask the Chancellor of the Exchequer what performance targets have been set for National Savings for 1997-98. [10808]
Mrs Liddell:
National Savings has as its declared objectives: to manage the retail component of the national debt portfolio so as to minimise the combined cost and risk of the total stock of debt and to meet funding needs cost-effectively; to promote Government savings policies in so far as is consistent with the above, and where it is not consistent to make any subsidy visible to Ministers; and to compete in the retail savings sector in a commercial
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manner without distorting the market. During 1997-98 National Savings will be set the following challenging targets:
(i) To work within the terms of the Funding Remit 1 for 1997-98;
(ii) To manage National Savings so as to deliver its aims within the resources allocated by Parliament;
(iii) To develop agreed measures with the Treasury for tracking value creation by 31 December 1997;
(iv) To introduce improved systems and investigate past problems to meet the recommendations in the National Audit Office report on Financial Accounting (HC 9 96/97) by 31 December 1997;
(v) To improve efficiency by 3 per cent. in 1997-98;
(vi) To reorganise the Agency with the aim of segmenting purchasing and internal service provision and to develop value for money options for public/private sector partnerships in service delivery;
(vii) To achieve a 97 per cent. outturn against all National Savings published timeliness targets;
(viii) To achieve an overall accuracy level of 97 per cent. on those transaction processes that most affect customers (purchases and repayments);
(ix) To show 95 per cent. of customers surveyed are satisfied or very satisfied with the service received from National Savings;
(x) To maintain the Investors in People accreditation covering at least 95 per cent. of National Savings' workforce.
1 The funding remit sets out the costs and volume assumption that National SAvings works to. It was published in the Debt Management Report issued in March 1997.
Comprehensive Spending Review
Mr. Timms: To ask the Chancellor of the Exchequer if he will make available the terms of reference for the separate departmental spending reviews making up the comprehensive spending review announced by the Chief Secretary on 11 June. [10807]
Mr. Darling: The terms of reference of the departmental and cross-departmental reviews have been placed in the Library today.
The comprehensive spending review aims to allow the Government to bring public spending programmes into line with its priorities and objectives. It will be truly comprehensive, embracing all items of public expenditure. It will also be focused on the long term, looking at the shape of public spending to the end of the century and beyond.
Ministers have agreed that they will examine each and every item in his or her Department to consider whether it meets the public interest, whether it contributes to the achievement of the Government's objectives, whether it is the most effective way of achieving those objectives, and whether there is scope for improving efficiency and effectiveness. This will include a thorough look at whether the best use is being made of public assets, with a view to disposing of those which are surplus and which could be used more productively elsewhere and making more use of public-private partnerships.
The review will be thorough. As well as looking at Departments' spending it will also address issues that stretch across departmental boundaries. There will be several self-standing cross departmental reviews, including reviews of the criminal justice system, the local
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government finance system, the countryside and rural policy and housing. In addition, each Department will examine jointly with other Departments those areas where important issues cut across departmental boundaries, such as aid and trade provision, science and simplifying government.
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