| Previous Section | Index | Home Page |
Bank of England Independence
21. Mr. Heppell: To ask the Chancellor of the Exchequer what representations he has received on his policy of independence of the Bank of England. [97010]
Mr. Andrew Smith:
A wide range of people and international organisations, such as the IMF and OECD, have welcomed the Chancellor's decision to grant the
11 Nov 1999 : Column: 767
Bank of England operational independence to set interest rates to meet the Government's inflation target. In a recent report the Treasury Committee said:
28. Mr. Plaskitt:
To ask the Chancellor of the Exchequer what assessment he has made of his policy of granting operational independence over monetary policy to the Bank of England. [97017]
Miss Melanie Johnson:
A Treasury paper "the New Monetary Policy Framework", published on 19 October, concluded that the Monetary Policy Committee's record so far in meeting the Government's inflation target was a good one. Inflation has stayed close to the Government's target and is expected to remain so; interest rates peaked at half the level recorded in the previous cycle; and despite global instability last year, the UK avoided a repeat of the boom and bust seen so often in the past. The success of the new framework has also been recognised by international bodies such as the IMF and OECD.
23. Mr. Paterson:
To ask the Chancellor of the Exchequer if he will make a statement on (a) vehicle excise duty and (b) fuel duties. [97012]
Mr. Timms:
The Pre-Budget Report document published on 9 November provides the latest explanation of policy on vehicle excise fuel duties.
24. Mr. Reed:
To ask the Chancellor of the Exchequer what plans he has for encouraging greater economic growth in the East Midlands. [97013]
Miss Melanie Johnson:
Since the election we have been putting in place a new framework of stability, employability, productivity and responsibility to deliver the Government's objectives of high and stable levels of growth and employment. This framework offers the best prospect of increased prosperity for all--both in the East Midlands and the rest of the UK.
The East Midlands Development Agency, which became operational from l April this year, will help to further economic development and regeneration in the East Midlands. In promoting employment, business efficiency, investment and competitiveness, the agency will work with business and the wider community towards the Government's aim of sustained economic prosperity.
25. Mr. Kidney:
To ask the Chancellor of the Exchequer what assessment he has made of whether the International Monetary Fund has adequate resources for the enhanced heavily indebted poor countries initiative. [97014]
11 Nov 1999 : Column: 768
Miss Melanie Johnson:
The IMF/World Bank Annual Meetings in Washington in September reached agreement on all the elements of a financing package that will enable the Fund to make its full contribution to the HIPC Initiative.
26. Mr. Pike:
To ask the Chancellor of the Exchequer what recent representations he has received on the proposed climate change levy. [97015]
Mr. Timms:
My right hon. Friend the Chancellor of the Exchequer has received a number of representations on the climate change levy. The views expressed fed in to the further details on the design of the levy announced by the Chancellor in his Pre-Budget Report statement.
37. Mr. Illsley:
To ask the Chancellor of the Exchequer if he will make a statement on exemption from his proposed climate change levy. [97026]
Mr. Timms:
The Government believe that all sectors of the economy must play their part in helping tackle the problem of climate change. So there will not be complete exemptions from the climate change levy for particular firms or sectors. In line with Lord Marshall's recommendation, the Government propose to retain an incentive for all firms to save energy at the margin. But the Government do recognise the special position of energy intensive industries and intends to offer an 80 per cent. discount to those energy intensive sectors that sign energy efficiency agreements which meet the Government's criteria.
Dr. Kumar:
To ask the Chancellor of the Exchequer (1) what calculation he has made of the effects of different levels of climate change levy on enabling the UK to meet the targets for reduction in greenhouse gas emissions under the Kyoto protocol and the Government's domestic goal for reducing carbon dioxide emissions; [97722]
(3) what assessment he has made of the report by Business Strategies entitled "The Climate Change Levy--Impact on the UK Economy"; and if he will make a statement; [97625]
(4) what calculation he has made of the cost of collection and administration of the climate change levy for (a) the Government, (b) large companies and (c) small and medium sized enterprises; and if he will make a statement; [97855]
(5) what representations he has received from scientists and engineers about the effect of the climate change levy on (a) large companies and (b) small and medium sized enterprises; and if he will make a statement; [97840]
(6) if he will assess the effect the climate change levy will have on GDP, based on the assumption that industry will not be able to pass on the climate change levy to customers; and if he will make a statement; [97858]
(7) what assessment he has made of the effect the climate change levy will have on the balance of payments between the UK and the Republic of Ireland; and if he will make a statement; [97859]
11 Nov 1999 : Column: 769
(8) if he will exempt companies which make reductions in their carbon dioxide emissions commensurate with the UK's national reduction targets agreed at Kyoto from the climate change levy; and if he will make a statement; [97861]
(9) what assessment he has made of the impact the climate change levy would have on future investment in the UK; and if he will make a statement. [97854]
Mr. Timms:
My hon. Friend's questions touch upon a number of issues surrounding the introduction of the climate change levy and I will write to him shortly to respond in full to the points raised. I will arrange for a copy of that letter to be placed in the Library of the House.
Mr. Luff:
To ask the Chancellor of the Exchequer if he will make a statement on the application of the Climate Change Levy to the horticultural industry. [98406]
Mr. Timms:
The Government believe that all sectors of the economy must play their part in tackling climate change. The climate change levy is designed to be revenue neutral for the private sector as a whole, with all the revenues raised being fully recycled back to business through a cut in employers' National Insurance Contributions (NICs) and additional support for energy efficiency measures.
It is not possible to say what the exact impact of the levy on the horticultural sector will be. That will depend on a number of factors including, for example, their future energy consumption, what use they make of electricity generated from "new" renewable sources of energy and in "good quality" combined heat and power plants, and whether they take advantage of the proposed introduction of a system of enhanced capital allowances for energy saving investments. The horticulture sector will also benefit from the lower overall rates of the climate change levy announced by the Chancellor in his Pre-Budget Report statement.
27. Mr. Drew:
To ask the Chancellor of the Exchequer what assistance he offers to credit unions and similar organisations which provide help to those who cannot or choose not to borrow through more traditional means. [97016]
Miss Melanie Johnson:
The Government support the credit union ethos of encouraging people to start to save. I plan to make an announcement shortly on a number of measures designed to help credit unions.
30. Mrs. Lait:
To ask the Chancellor of the Exchequer what is his policy on the taxation of personal service companies. [97019]
Dawn Primarolo:
We believe that people will be able to use service companies if they wish, as long as they pay their fair share of tax and National Insurance Contributions.
"The Chancellor's decision to transfer day to day control of monetary policy to a politically independent Bank of England has been vindicated so far in the transparency and technical quality of the process of decision making."
The public can be confident that low inflation will be delivered in practice. This is the most important contribution monetary policy can make to achieving the Government's objective of high and stable levels of growth and employment.
(2) what assessment he has made of the impact of the climate change levy assuming that all its costs are passed on to consumers; and if he will make a statement; [97623]
| Next Section | Index | Home Page |