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International Development
Mr. Ruane: To ask the president of the Board of Trade what contribution her Department is making to the White Paper on international development. [9312]
Mrs. Roche: My Department is a member of an inter-departmental steering group, chaired by the Department for International Development, which is responsible for the preparation of the forthcoming White Paper.
Mr. Wigley: To ask the President of the Board of Trade in what ways her Department is collaborating with the Department for International Development to ensure that the potential contribution of UK trade policies to overseas development is fully reflected in the forthcoming White Paper on international development. [10438]
Mrs. Roche:
My Department is working closely with the Department for International Development in the preparation of the forthcoming White Paper on international development and is a member of the interdepartmental steering group tasked with taking forward the process.
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Mrs. Gillan:
To ask the President of the Board of Trade when the Office of Fair Trading inquiry into the retail petrol industry will be completed. [10535]
Mr. Nigel Griffiths
[holding answer 25 July 1997]: The Director General of Fair Trading announced in a press release on 10 June 1997 that he expects the OFT review of the petrol market in the UK to be completed by the autumn.
Mr. Redwood:
To ask the President of the Board of Trade which Minister will handle the negotiation over gas liberalisation in Europe. [10458]
Mrs. Beckett
[holding answer 25 July 1997]: The Minister for Science, Energy and Industry, who has already attended the Energy Council at which these issues were discussed.
Mr. Grieve:
To ask the President of the Board of Trade what estimate she has made of overseas investment by United Kingdom-based companies in each year since 1979. [10840]
Mrs. Roche:
The information is given in the following table. Flows represent the value of investment undertaken during any year. Stock figures show the book value of UK investment at the end of each year. They give the cumulative value of UK overseas direct investment after allowing for depreciation.
| £ million | |||
|---|---|---|---|
| Flows | Stocks | ||
| 1979 | 5,889 | 31,403 | |
| 1980 | 4,867 | 33,211 | |
| 1981 | 6,005 | 44,927 | |
| 1982 | 4,091 | 52,039 | |
| 1983 | 5,417 | 57,823 | |
| 1984 | 6,042 | 75,119 | |
| 1985 | 8,430 | 69,445 | |
| 1986 | 11,649 | 80,669 | |
| 1987 | 19,147 | 85,286 | |
| 1988 | 20,863 | 103,657 | |
| 1989 | 21,503 | 122,434 | |
| 1990 | 10,490 | 119,722 | |
| 1991 | 9,056 | 125,253 | |
| 1992 | 10,850 | 148,444 | |
| 1993 | 17,737 | 169,038 | |
| 1994 | 21,982 | 172,296 | |
| 1995 | 27,927 | 202,769 | |
| 1996 | 28,560 | 214,633 | |
Source: ONS Central Shared Databank.
Minister for Trade and Competitiveness in Europe
Mr. Redwood:
To ask the President of the Board of Trade what action was taken to prevent a conflict of interest on the Minister for Trade and Competitiveness in Europe's non-BP shares before he placed them in a blind trust, in respect of decisions on (a) whether to subscribe for rights shares, (b) whether to take cash or share
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dividend, (c) whether to accept bids and demerger proposals and (d) how to receive windfall distributions.[10930]
Mrs. Beckett:
From the day of his appointment, the Minister for Trade and Competitiveness in Europe treated all his investments as if they were already located within a blind trust by refraining from giving any instructions to his bank as to how the portfolio should be handled. Discretionary decisions of this type, if any, were taken by the portfolio manager without reference to the Minister.
Mr. Redwood:
To ask the President of the Board of Trade what factors led to the delay in putting the non-BP shares of the Minister for Trade and Competitiveness in Europe into a blind trust. [10968]
Mrs. Beckett:
From the day of his appointment, the Minister for Trade and Competitiveness in Europe treated all his investments as if they were already located within a blind trust by refraining from giving any instructions to his bank as to how the portfolio should be handled. Discretionary decisions of this type, if any, were taken by the portfolio manager without reference to the Minister. The formal arrangements for setting up the trust are now complete and involved a necessary period of preparatory work by the Minister's bank.
Mr. Redwood:
To ask the President of the Board of Trade where the three meetings took place between the Minister for Trade and Competitiveness in Europe and BP directors. [10924]
Mrs. Beckett:
At BP's offices at Britannic house and in a restaurant.
Mr. Mitchell:
To ask the President of the Board of Trade for what reasons machinery not intended for sale is required to carry the Communaute Europeene mark; and what is the cost of obtaining the CE mark. [10360]
Mr. Nigel Griffiths:
Manufacturers of relevant machinery who put that machinery into service in the course of a business must properly affix the CE marking in accordance with the requirements of regulation 12 of the Supply of Machinery (Safety) Regulations 1992, as amended. The regulations implement the machinery directive, 89/392/EEC as amended. The CE marking demonstrates conformity with the relevant essential health and safety requirements of the regulations and the duty to ensure that the machinery is in fact safe for users. The cost of compliance will depend on the cost of bringing the machinery into conformity with that legislation.
Mr. McNulty:
To ask the President of the Board of Trade what progress her Department has made on the proposal in the Queen's Speech for a statutory right to claim interest on commercial debts. [11224]
Mrs. Roche:
The Government are publishing today a Green Paper, "Improving the Payment Culture: A Statutory Right to Claim Interest on Late Payment of Commercial Debt". It sets out the Government's proposal to give small businesses the right to charge interest on late payment of commercial debts. It is proposed that this new right will be extended to all businesses after a period to be set following this consultation.
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Late payment of commercial debt is acknowledged by many in the business community to be a serious problem, especially for small businesses which are least able to bear the additional costs arising from payment delays. The proposed legislation recognises the fundamental part small businesses play in the economy of the UK and the seriousness of any actions that unnecessarily hinder their competitiveness.
The right to claim interest is to be found in many other countries, especially within Europe. It is the Government's view that it is time that the right should be available in the UK.
The proposals are designed to act as a deterrent to late payers who have, in effect, been using their commercial creditors as a source of finance. Any late payment, like any other breach of contract, should attract appropriate sanctions. The proposed legislation will help to improve the payment culture by enabling creditors to charge interest on late payment of commercial debt at a rate to be set following consultation. Initially, this right will be available only to small businesses for use against public sector organisations and large businesses. The Green Paper sets out proposals for phasing in the extension of the right to all businesses. This is because the Government recognise that small businesses, with their more limited resources, must be given time to benefit from being paid promptly by their large creditors and to take the necessary actions to ensure that they have the systems in place to make payments on time.
The Government recognise that the proposed legislation alone will not solve the problem of late payment. Providing for a statutory right to claim interest is very which important. It is one element of a package of measures which we are pursuing to encourage a change in attitudes and behaviour towards a more ethical approach to payment.
I am delighted to say that a number of leading business representative organisations have pledged to join the Government in tackling the problem of late payment. They include the Forum of Private Business, the British chambers of commerce, the Confederation of British Industry, the Federation of Small Businesses, the Institute of Directors, the Union of Independent Companies, the Country Landowners Association and the National Farmers Union.
These bodies, like the Government, are committed to helping small firms to see how they can manage their finances effectively and thus benefit from the increased competitiveness which a good cash flow can bring.
Over the next 12 months, we will work with those bodies on a number of initiatives. These will include making available to their members and other small firms advice and information on cash flow management, further publicity for the British standard for payment and other measures such as the CBI's prompt payment code, and making the payment practices of the public sector and large firms more visible. We will also work with them to find other ways of encouraging sound payment practices so that all UK industry can enjoy the benefits of a fair payment culture.
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