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Comprehensive Spending Review
Mr. Matthew Taylor: To ask the Chancellor of the Exchequer what plans he has to publish an environmental appraisal of the second Comprehensive Spending Review; and if he will make a statement. [118858]
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Mr. Andrew Smith [holding answer 17 April 2000]: The White Paper reporting the outcome of the 2000 Spending Review will include an assessment of its implications for sustainable development, covering economic, social and environmental issues.
Climate Change Levy
Mr. Gummer: To ask the Chancellor of the Exchequer what discussions he has had with the horticultural industry on substituting a voluntary agreement on emission reduction for the Climate Change Levy. [119293]
Mr. Timms: Budget 2000 announced the Government's intention to offer a special package of support to the horticulture sector under the climate change levy, through setting aside part of the £50 million 'energy efficiency' fund to improve the energy efficiency of the sector and through the additional of thermal screens used in glasshouses to the list of technologies qualifying for the enhanced capital allowances scheme. And to further safeguard the competitiveness of the horticulture sector while these measures take effect, the Government intend to offer a temporary 50 per cent. discount to horticulture firms.
This package of support and the 50 per cent. discount are not conditional on the horticulture sector entering any form of emission reduction agreement with the Government. The Government have been listening carefully to the views of the horticulture industry as the design of the levy has been worked up and the Government intend to continue working with the industry to maximise the environmental benefits of this package of support by improving the energy efficiency of firms in this sector.
Mr. Gummer: To ask the Chancellor of the Exchequer what was the total carbon dioxide saving expected from the Government's original proposals for a climate change levy; and what is the saving expected from the present proposals. [119287]
Mr. Timms: The original estimate of the emission saving from the climate change levy, as set out in table 5.1 of the 1999 Economic and Fiscal Strategy Report, was around 1.5 million tonnes of carbon (MtC) a year by 2010. This estimate related to the pure price effect of the levy, and did not include any savings from the negotiated agreements with the energy intensive sectors.
The most recent estimate of the emission saving from the levy package as a whole, as detailed in table 6.2 of the 2000 Economic and Fiscal Strategy Report, is at least 5 MtC a year by 2010. This estimate now includes the savings from the negotiated agreements with the energy intensive sectors, and the savings from the refinements to the design of the levy that were set out in the 1999 Pre-Budget Report.
Offshore Financial Activity
Mr. Mitchell: To ask the Chancellor of the Exchequer what estimate he has made of the sterling liabilities of offshore banking in (a) Jersey, (b) Guernsey and (c) the Isle of Man in 1999. [119239]
Mr. Timms: The information requested falls within the responsibility of the Director of the Office for National Statistics. I have asked him to reply.
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Letter from John Kidgell to Mr. Austin Mitchell, dated 19 April 2000:
The Director of the Office for National Statistics (ONS) has been asked to reply to your recent question on the sterling liabilities of the Channel Islands and Isle of Man. I am replying in the Director's absence.
Offshore residents are excluded from the definition of the UK for the purposes of BoP estimates. Therefore estimates of offshore banking financial liabilities are not made centrally.
Mr. Mitchell: To ask the Chancellor of the Exchequer what estimate he has made of the annual growth of UK residents' sterling deposits (a) onshore and (b) offshore to Jersey, Guernsey and the Isle of Man for each year from 1996. [119234]
Miss Melanie Johnson: 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. Austin Mitchell, dated 19 April 2000:
The Director of the Office for National Statistics (ONS), has been asked to reply to your recent question on UK residents sterling deposits onshore and offshore. I am replying in the Director's absence.
The table below gives the annual percentage growth for UK residents sterling deposits with UK monetary financial institutions (UK banks and UK building societies). Estimates for UK residents sterling deposits with offshore monetary financial institutions are not made centrally.
| End year | Percentage growth |
|---|---|
| 1996 | 9.8 |
| 1997 | 14.3 |
| 1998 | 6.7 |
| 1999 | 2.4 |
Source:
ONS Sector and Financial Accounts
Mr. Mitchell: To ask the Chancellor of the Exchequer what assessment he has made of the effect on sterling M4 and the UK money supply of British money flowing out to offshore financial institutions in Jersey, Guernsey and the Isle of Man in the last three years. [119233]
Mr. Timms: Data on sterling M4 deposits at Channel Islands and Isle of Man institutions are published by the Bank of England in Table 8 of "Monetary and Financial Statistics". The stock data for sterling private sector deposits--the main component of M4--as at end December each year were:
| £ million | |
|---|---|
| 1997 | 19,543 |
| 1998 | 22,356 |
| 1999 | 23,755 |
Mr. Mitchell: To ask the Chancellor of the Exchequer how monetary policy is coordinated between the United Kingdom, Jersey, Guernsey and the Isle of Man. [119240]
Mr. Timms: Although the authorities in the Channel Islands and the Isle of Man issue their own notes and coins, the currency used in these jurisdictions is sterling. As a result, the issue of monetary policy co-ordination does not arise.
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Mr. Mitchell: To ask the Chancellor of the Exchequer who receives the seigniory profit on the note issues of (a) Jersey, (b) Guernsey and (c) the Isle of Man. [119238]
Mr. Straw: I have been asked to reply.
The authorities in Jersey, Guernsey and the Isle of Man issue their own notes. I understand that the profits from these note issues accrue respectively to the States of Jersey and Guernsey and to the Isle of Man Government.
Housing
Mr. Mitchell: To ask the Chancellor of the Exchequer what estimate he has made of the scale of equity withdrawal from housing in 1998 and 1999. [119235]
Mr. Timms: The Bank of England estimate that mortgage equity withdrawal was -£1.1 billion in 1998 and £8.2 billion in 1999.
Mobile Phones
Mr. Gordon Prentice: To ask the Chancellor of the Exchequer what estimate he has made of the value of the spectrum he plans to release for mobile phone use; and if he will make a statement. [119999]
Ms Hewitt: I have been asked to reply.
The total of the highest bids for each of the five third generation mobile phone licences was £21.67 billion at the end of the 139th round of bidding on 18 April.
Double Taxation Relief
Mr. Heathcoat-Amory: To ask the Chancellor of the Exchequer (1) if he will estimate the loss of tax revenue if all those companies at present benefiting from rules to be changed by the Budget proposals on (a) double taxation relief and (b) controlled foreign companies were to move away from United Kingdom tax jurisdiction; [117398]
- (2) what is the estimated yield from the Budget proposals for (a) double taxation relief for companies and (b) controlled foreign companies if all off-setting behavioural changes are ignored; [117400]
(3) what is the number of companies likely to be affected by the Budget proposals for (a) double taxation relief and (b) controlled foreign companies. [117399]
Mr. Portillo: To ask the Chancellor of the Exchequer (1) what representations he has received from business organisations concerning the proposed changes to double taxation relief and to controlled foreign companies outlined in his Budget report; how many such representations he has received; from whom such representations have been received; what estimates have been given by business organisations concerning the cost to United Kingdom- based multinationals of the proposed changes; and if he will make a statement; [117284]
- (2) pursuant to the oral statement by the Chief Secretary to the Treasury, of 27 March 2000, Official Report, column 121, if he will list the companies named in representations by Mr. Peter Wyman of PricewaterhouseCoopers as likely to be adversely affected by the proposed changes to double tax relief and to controlled foreign companies outlined in his Budget report; [117281]
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(3) if he proposes to revise the estimated revenue to be produced by the changes to double taxation relief and to controlled foreign companies outlined in his Budget report following the representations made by business organisations; [117285]
(4) within what range of cost to individual UK-based multinationals the proposed changes to double taxation relief and to controlled foreign companies outlined in his Budget report will fall; [117280]
(5) pursuant to the oral statement by the Chief Secretary to the Treasury, of 27 March 2000, Official Report, column 121, what representations have been made to the Treasury by Mr. Peter Wyman of PricewaterhouseCoopers concerning the proposed changes to double taxation relief and to controlled foreign companies outlined in his Budget report. [117282]
Dawn Primarolo [holding answers 3 April 2000]: The expected yield from the double taxation relief and controlled foreign company proposals is set out in Table A.13 of the 2000 Financial Statement and Budget Report. No other reliable estimates have been received. The extent to which companies will be affected will vary from year to year depending on a number of factors. The Government are determined to create the most competitive environment for business in the world. We have cut corporate tax rates to their lowest level ever but to keep tax rates low we cannot tolerate the erosion of the tax base by tax avoidance schemes and structures.
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