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World Bank (Social Principles)
Mr. Kidney: To ask the Chancellor of the Exchequer what progress has been made on incorporating the social principles drafted by the World bank into the decision- making of (a) the IMF, (b) the World bank and (c) the United Kingdom. [87884]
Ms Hewitt: The World bank is currently working with the IMF to translate the draft social principles discussed at the Development Committee in April into good practices in social policy when designing adjustment programmes.
The good practices in social policy will help promote long-term growth and greater prosperity; and the need for equality of opportunity to ensure that everyone has access to the benefits of, and is able to contribute towards, this growth and prosperity.
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As my right hon. Friend the Chancellor made clear in his Mansion House speech earlier this month, the Government have put in place policies for a modern successful economy to ensure employment opportunity and greater prosperity for all in the years ahead, and which is therefore fully compatible with the principles and good practice in social policy.
Mr. Kidney:
To ask the Chancellor of the Exchequer if he will review the United Kingdom's policy on the conditions to be attached to future financial contributions towards remedying the financial crises and preventing future ones in (a) Brazil and (b) elsewhere. [87883]
Ms Hewitt:
Financial tensions in Brazil have eased significantly, following the IMF-led international financial support package agreed last year. The conditions attached to the UK's contributions to this support package are those of the programme as a whole and the UK Government will continue to play an active role in monitoring Brazil's performance under the programme. Continued adherence under the IMF programme, together with an appropriate contribution from private sector creditors, underpins the BIS co-ordinated credit line, to which the UK has also contributed.
The UK Government have played their part, most recently at the G7 Summit on 18 June, to ensure that future packages to which the UK contributes are as effective as possible. Commitments which were made at the Summit to help achieve this included promoting the involvement of the private sector in crisis resolution; ensuring that the poor and vulnerable are better protected from the burden of adjustment in times of crisis; and greater transparency in the way in which the International Financial Institutions operate.
Mr. Cohen:
To ask the Chancellor of the Exchequer if he will assess the (i) advantages and (ii) disadvantages of the imposition by the UK of taxation upon borrowings in foreign currencies by UK domestic companies; what discussions he has had on such proposals in respect of other countries vulnerable to currency stocks in relevant international economic forums; if he will estimate the taxation income for the United Kingdom of a 1 per cent. tax rate; and if he will make a statement. [88327]
Ms Hewitt:
During the wide consultations which have been carried out to forge a consensus on necessary reforms to the international financial system, consideration has been given to a range of proposals for taxation of foreign currency transactions. Such proposals raise a number of practical difficulties which we have considered but do not believe could be overcome. Similarly, it would be extremely difficult to determine robust estimates of the revenue yield, which could be provided only at disproportionate cost.
Mr. Heathcoat-Amory:
To ask the Chancellor of the Exchequer if (a) the Inland Revenue, (b) Customs and Excise and (c) HM Treasury have incurred expenditure on (i) extra staff, (ii) acquisition of accommodation, (iii) development of IT systems and (iv) the acquisition
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of supplies in preparation for possible United Kingdom entry to the European single currency; and if he will make a statement. [88748]
Ms Hewitt:
Inland Revenue, Customs and Excise and HM Treasury's Euro Preparations Unit have worked to ensure that UK business and public authorities were ready for the introduction of the euro in 11 other European Union countries on 1 January 1999. There is a continuing need to provide UK business with the information that they need to help them remain competitive in this new European business environment. In line with the Government's stated position that the public sector will take a lead in planning, departments have also been considering the implications of possible UK entry to the European Single Currency. This work has been part of the normal business of departments and to date changeover work has not involved expenditure on extra staff, accommodation or the development of IT systems.
Mr. Maude:
To ask the Chancellor of the Exchequer what estimate he has made of the amount of public funds to be spent on preparing for the possibility of UK entry into the single currency before a referendum. [88907]
Ms Hewitt:
The cost of euro preparations would depend on the detailed approach that the UK took to the changeover. Where computer systems are being upgraded, all departments will build in euro compatibility where that represents value for money. In the case of the DSS, the Inland Revenue and Customs and Excise, the scale and complexity of their computer systems makes advance preparations critical. Prior to a referendum they may therefore need to spend up to some tens of millions of pounds, spread over a number of years to make their IT systems euro-compatible, so that we can maintain the flexibility for Britain to make the changeover as quickly and cost effectively as possible if that is what Government, Parliament and the people decide.
Provisions were therefore included in the Finance Bill and the Welfare Reform and Pensions Bill which will provide specific statutory authority for this spending. Expenditure will be voted by Parliament in the normal way.
Mr. Paul Marsden:
To ask the Chancellor of the Exchequer, pursuant to his answer of 24 June 1999, Official Report, column 464, how many people are currently employed in the Shrewsbury and Atcham local authority district. [89048]
Ms Hewitt:
The information requested falls within the responsibility of the Director of the Office for National Statistics. I have asked him to reply.
Letter from John Kidgell to Mr. Paul Marsden, dated 1 July 1999:
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Mr. Maude:
To ask the Chancellor of the Exchequer what proportion of the revenue generated by stamp duty arose from duty charged on the purchase of commercial land and property in the last year for which figures are available. [88828]
In the absence of the Director of the Office for National Statistics (ONS), I have been asked to reply to your recent parliamentary question on the number of people employed in the Shrewsbury and Atcham local authority district.
There are two sources of employment information at local authority district level.
The latest available estimate is from the 1997/98 Labour Force Survey (LFS) Local Authority Database (LADB), covering the period March 97--February 98. This shows that 47,000 people
living in Shrewsbury and Atcham were in employment. The LFS is a sample survey covering around 96,000 households annually, or some 184,000 adults.
Your recent question on employment was answered on 24 June 1999, Official Report, column 464. It used the Annual Employment Survey (AES), from which the number of Employee Jobs at September 1997 was given in the reply. The AES sample is drawn from the Inter-Departmental Business Register (IDBR). In 1997 it comprised 105,000 enterprises, covering half a million workplaces and 15.5 million employees (out of a total population of roughly 23 million employee jobs).
Although the AES has a larger sample size, the LFS gives more complete coverage. The LFS includes employees, self-employed, unpaid family workers and those on government employment training programmes.
| Net receipts £ billion | Proportion of net receipts Percentage(5) | |
|---|---|---|
| Stamp duty (including stamp duty reserve tax) on transaction in shares and other securities | 2.5 | 55 |
| Stamp duty on: | ||
| Residential transactions | 1.2 | 25 |
| Commercial property and land transactions | 0.9 | 20 |
| Total | 4.6 | 100 |
(5) Proportions rounded to nearest 5 per cent.
Bank of England Loans
Mr. Maude: To ask the Chancellor of the Exchequer if he will list the (a) number and (b) total value in sterling of (i) secured and (ii) unsecured loans made by the Bank of England during the last two years; and if he will make a statement on the Bank's status as lender of last resort. [88919]
Ms Hewitt: The Bank makes loans in the normal course of its operations and these are described in its 1999 Annual Report. In its capacity as lender of last resort, the Bank of England has made no new loans, either secured or unsecured, over the last two years.
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