| Previous Section | Index | Home Page |
Savings (Marginal Tax Rates)
Mr. Field: To ask the Chancellor of the Exchequer if he will estimate the effective marginal tax rates on income from savings for pensioners, and the number of pensioners at each level. [88808]
Dawn Primarolo: If all taxpaying pensioners received an extra £1 of (non-dividend) savings income, then 3.1 million of them would pay 20p more tax, 150,000 would pay 25p more tax, 200,000 would pay 30p more tax and 150,000 of them would pay 40p more tax.
These numbers are based on the 1996-97 Survey of Personal incomes projected to 1999-2000. Pensioners have been defined as women aged 60 and over and men aged 65 and over.
Vehicle Excise Duty
Mr. Coaker: To ask the Chancellor of the Exchequer what assessment he has made of the number of cars which will attract the small engine size rate of vehicle excise duty announced in his last budget. [89300]
Ms Hewitt: Over 1.8 million cars are recorded by DVLA as eligible for the reduced rate of VED for cars of 1100cc or less. This represents approximately 8 per cent. of the total recorded by DVLA as licensed in the Private and Light Goods vehicle class.
Well-known manufacturers currently producing cars with engines up to 1100cc include Citroen, Daewoo, Daihatsu, Fiat, Hyundai, Seat, Suzuki, Vauxhall and Volkswagen.
12 Jul 1999 : Column: 84
Mr. Coaker:
To ask the Chancellor of the Exchequer what representations he has received from owners of cars under 1120 cc concerning the engine size level at which the lower rate of vehicle excise duty was set in his budget; and if he will make a statement. [89301]
Ms Hewitt:
In his March Budget, the Chancellor detailed how changes to vehicle excise duty will encourage the use of more fuel efficient vehicles. He announced a cut in the vehicle excise duty rate for those cars with engines up to 1100cc and, that from Autumn 2000, a new system of graduated vehicle excise duty would be introduced for all new cars based upon the level of carbon emissions.
We have received representations from people whose vehicles are just over the threshold.
Dr. Cable:
To ask the Chancellor of the Exchequer if he will refund the vehicle excise duty of new car owners whose engine capacity exceeds 1.1 litres by 0.05 litres. [89923]
Ms Hewitt:
In his March Budget, the Chancellor announced a reduced vehicle excise duty rate of £100 for both new and existing cars with engines up to 1,100cc as recorded on the vehicle registration document.
Unfortunately it is inevitable that, however small the margin, some people will miss out at the boundaries of any threshold.
Mr. Letwin:
To ask the Chancellor of the Exchequer for what reasons the new 20 pound note does not have a £ sign. [89264]
Ms Hewitt
[holding answer 1 July 1999]: The design of notes is a matter for the Bank of England.
The new £20 note features the numeral 20 in the top corners of both sides and the pound sign appears before three of those. The exception is before the numeral in the top right hand corner above the portrait of The Queen.
To assist the partially sighted (and tourists who may be unfamiliar with the note), all four numerals have been designed to be as large and as bold as possible in the limited space available; to maximise this visibility, the pound sign was omitted in one place. In addition the words "Twenty Pounds" appear on both sides of the note.
Mr. Loughton:
To ask the Chancellor of the Exchequer if the terms of the Financial Services and Markets Bill require a reduction in the powers of the Office of Fair Trading in the monitoring of the financial services industry. [89320]
Ms Hewitt
[holding answer 1 July 1999]: There is nothing in the Financial Services and Markets Bill which requires a reduction in the powers of the Office of Fair Trading to monitor the financial services industry. On the contrary, it will extend the powers which the Office has to scrutinise the regulatory activities of the Financial Services Authority.
12 Jul 1999 : Column: 85
Mr. Caplin:
To ask the Chancellor of the Exchequer what the outcome is of the Treasury's review of the future status of the Royal Mint. [91238]
Ms Hewitt:
On 8 July 1998, Official Report, column 569, the then Economic Secretary announced the terms of reference of a review of the Royal Mint. The review was wide ranging with the aim of identifying the actions needed to enable the Royal Mint to develop closer partnership with the private sector. The review was conducted by the Treasury working closely with the Royal Mint's management and taking the views of employees and other interested parties.
After weighing the options, the Government have decided in favour of a new direction for the Royal Mint, which will bring it up to date with best practice in the private sector. A package of measures will put the Royal Mint on a modern, commercial footing updating the way it is run, the business it does, and its relationship with the Treasury, private partners and customers.
This a bold step forward in the Government's approach to managing their agencies. The new framework will make the Treasury a better shareholder and the Royal Mint a better enterprise to the benefit of all stakeholders. It will ensure the Royal Mint makes the best possible use of the opportunities it faces, including the ability to offer an extended range of goods and services and to make fuller use of its expertise and its capacity.
The new framework contains a number of elements. First, more rigorous shareholder discipline, delivered through a new Treasury panel of top private sector analysts and managers. The panel will inject greater private sector expertise into the Treasury's oversight of the Royal Mint, as shareholder. The expertise of the panel will be used to improve and sharpen the incentives on the Royal Mint, with the aim of making its decision taking more transparent, and more commercial.
Building on this new relationship, we will better define the role of the non-executive directors of the Royal Mint, who, like the directors of private companies, will in future have a clear responsibility to enhance the prosperity of the business over time. We will also bring the number of executives and non-executives on the board into more even balance, in line with best-practice corporate governance.
Consistent with this process of modernisation, the Royal Mint's financial reporting will be more closely aligned with that of private companies, making it more easily understood by customers, potential partners and analysts.
These changes will complement a relaxation of the controls which currently restrict the Royal Mint's activities. At present it can only make coins and a narrow range of related products. In future it will be free to exploit its technical skills and assets by offering a wider range of products and by expanding into non-coinage business, where commercially viable. It will also be able to participate in a wider range of ventures with the private sector. With these new freedoms, the Royal Mint will be able to reach its full potential, on its own, or in partnership with private sector firms.
12 Jul 1999 : Column: 86
The updated model of corporate governance, and the private sector expertise it will inject, will help develop the Royal Mint as a business. It will also be vital in securing the best possible use of the new commercial freedoms that will be given to the Royal Mint. I believe the Royal Mint has the skills, the aptitudes and the opportunities to expand into wider markets on its own, and in partnership with commercial companies. In future it will be able to exploit them to the full.
These fundamental changes will put real business expertise at the heart of the management of the Royal Mint, and will help maximise its value as a business and its contribution to the UK economy, to the benefit of all stakeholders.
The Royal Mint has a successful track record. It has seen its business grow internationally, making it a world leader we can all be proud of. But the coinage business is increasingly competitive across the world, and we cannot stand still if we want to maintain its position at the forefront in the global marketplace. The package outlined above is an important first step in laying the foundations for the Royal Mint's future prosperity.
We envisage a process of continuing development and improvement of the Royal Mint, its strategic direction, and its operating framework. We will be looking on a continuing basis at how best to expand and improve the business, and to help it adapt and respond to the challenges ahead.
Mr. Bercow:
To ask the Minister of Agriculture, Fisheries and Food if he will list the European Communities working groups which met over the last 12 months with a representative from his Department in attendance; if he will list the number of times each met; if he will indicate the nature of the Government's representation; and if he will make a statement. [88483]
Mr. Rooker:
Officials from my Department regularly attend working groups in Brussels. These working groups comprise: Council working groups; Commission working groups; and Committees involved in matters relating to agriculture and rural development, the majority of which are management committees for common market organisations.
| Next Section | Index | Home Page |