| Previous Section | Index | Home Page |
3 Jul 2003 : Column 370W—continued
Equitable Life
Annabelle Ewing: To ask the Chancellor of the Exchequer whether his Department has had discussions with the office of Lord Penrose since 8 March concerning his report into Equitable Life. [122361]
Mr. Boateng: Lord Penrose's Inquiry was established by and is supported by the Treasury. Therefore, Treasury officials discuss a range of issues with Lord Penrose's office on an on-going basis. However, the conduct of the Inquiry is entirely a matter for Lord Penrose.
European Economic Convergence
Mr. Stephen O'Brien: To ask the Chancellor of the Exchequer what estimate he has made of the rise in the tax burden necessary to offset inflationary pressures which would otherwise result in (a) a half per cent. rise in inflation, (b) a one per cent. rise inflation, (c) a one and a half per cent. rise in inflation and (d) a two per cent. rise in inflation, assuming that a decision to implement a discretionary fiscal policy was taken, as described in the Treasury document Fiscal stabilisation and EMU, and assuming a neutral monetary policy. [121556]
3 Jul 2003 : Column 371W
Mr. Boateng: In the event that a discretionary fiscal policy response was needed within EMU, its likely size would depend on a number of factors, including the nature of the economic shock, the degree of wage and price flexibility within the UK, and which fiscal instrument was being used.
Graduate Earnings
Mr. Rendel: To ask the Chancellor of the Exchequer what assessment he has made of the proportion of those earning over £100,000 a year who are graduates. [121770]
John Healey [holding answer 26 June 2003]: The information requested falls within the responsibility of the National Statistician. I have asked him to reply.
Letter from Len Cook to Mr. Rendel, dated 3 July 2003:
- As National Statistician, I have been asked to reply to your recent question about the proportion of those earning over £100,000 a year who are graduates. (121770)
- The Labour Force Survey (LFS) provides estimates of the average weekly pay of employees, most recently for the three month period ending in February 2003; estimates are not available of self-employed earnings. Based on an approximate conversion of this information to an annual pay basis, it is estimated that among employees of working age earning more than £100,000 per year, 82% were qualified to degree level or higher.
Housing Market
Mr. Bellingham: To ask the Chancellor of the Exchequer what assessment he has made of the potential impact on the UK housing market of increased use of long-term fixed rate mortgages; and if he will make a statement. [123200]
Mr. Boateng: These issues will be considered as part of the Miles Review announced in Budget 2003.
Mr. Stephen O'Brien: To ask the Chancellor of the Exchequer what recent discussions his Department has had with mortgage lenders regarding the market share of variable rate mortgages in the UK. [121551]
Mr. Boateng: The Chancellor has asked David Miles, Professor of Finance at Imperial College, to undertake a review of the UK's fixed rate mortgage market to establish why the share of fixed-rate mortgages, particularly long-term fixed rates, is so low compared to the United States and many other EU countries.
The Review process will involve consultation with key stakeholders to establish views and inform the analysis.
Professor Miles will deliver an interim report by autumn and a comprehensive report and recommendations to the Chancellor by Budget 2004.
Income Tax
Mr. McNamara: To ask the Chancellor of the Exchequer what the cost would be to the Exchequer if the 22 per cent. income tax rate bracket was increased to include individuals with yearly incomes of (a) £40,000, (b) £45,000, (c) £50,000, (d) £55,000 and (e) £60,000. [121662]
Dawn Primarolo [holding answer 26 June 2003]: The full year cost or yield of extending the basic rate limits in 2003–04 is given in the following table.
3 Jul 2003 : Column 372W
| Full year cost of increasing the Basic Rate Limit toinclude individuals with annual gross income of: | £ billion |
|---|---|
| (a) 40,000 | 2.5 |
| (b) 45,000 | 4.5 |
| (c) 50,000 | 6.0 |
| (d) 55,000 | 7.2 |
| (e) 60,000 | 8.3 |
These estimates are based upon the 2000–01 Survey of Personal Incomes and are consistent with Budget 2003. They exclude any behavioural response to the tax change.
Mr. McNamara: To ask the Chancellor of the Exchequer what the revenue impact would be of increasing the higher income tax rate to 50 per cent. and extending the 22 per cent. income rate bracket to include yearly earnings of up to (a) £40,000, (b) £45,000 and (c) £50,000. [121664]
Dawn Primarolo [holding answer 26 June 2003]: The full year yield of extending the basic rate limits and increasing the higher income tax rate to 50 per cent. in 2003–04 is given in the following table.
| Increasing the higher income tax rate to50 per cent. and Basic Rate Limit to includeindividuals with annual gross income of: | Full year yield(£ billion) |
|---|---|
| (a) 40,000 | 8.2 |
| (b) 45,000 | 5.2 |
| (c) 50,000 | 2.8 |
The estimates are based upon the 2000–01 Survey of Personal Incomes and are consistent with Budget 2003.
They exclude any behavioural response to the tax change.
Mr. Kidney: To ask the Chancellor of the Exchequer what estimate he has made of the number of tax payers who would be required to pay a top rate of income tax set for this financial year at (a) £100,000 and above and (b) £150,000 and above of taxable income. [122362]
Dawn Primarolo: The information is given in the table.
| Number of higher rate taxpayers in 2003–04 with taxable incomes of | Numbers in thousands |
|---|---|
| (a) £100,000 and above | 327 |
| (b) £150,000 and above | 158 |
These estimates are based upon the 2000–01 Survey of Personal Incomes and are consistent with the Budget 2003.
Sue Doughty: To ask the Chancellor of the Exchequer what estimate he has made of the revenue that would be raised from income tax rates of (a) 1 per cent., (b) 5 per cent., (c) 9 per cent. and (d) 10 per cent. on gross incomes in excess of £1,000,000 a year. [122624]
Dawn Primarolo [holding answer 30 June 2003]: The full year revenue yield from making these changes in 2003–04 is set out in the table.
3 Jul 2003 : Column 373W
| Full year yield of raising the higher rate ofincome tax in 2003–04 on gross incomes inexcess of £1,000,000 | £ billion |
|---|---|
| (a) by 1 per cent. | 0.1 |
| (b) by 5 per cent. | 0.3 |
| (c) by 9 per cent. | 0.6 |
| (d) by 10 per cent. | 0.7 |
These estimates are based upon the 2000–01 Survey of Personal Incomes and are consistent with Budget 2003. They exclude any behavioural response to the tax change.
Labour Statistics
Mr. David Stewart: To ask the Chancellor of the Exchequer how many employees are aged (a) 16 and (b) 17. [122879]
John Healey: The information requested falls within the responsibility of the National Statistician. I have asked him to reply.
Letter from Len Cook to Mr. David Stewart, dated 3 July 2003:
- As National Statistician, I have been asked to reply to your parliamentary question about the numbers of employees aged 16 and 17. (122879)
- Estimates from the Labour Force Survey (LFS), for the three month period ending February 2003, show 255,000 employees aged 16 and 379,000 employees aged 17 in the United Kingdom.
Public Appointments
Keith Vaz: To ask the Chancellor of the Exchequer if he will list the appointees to the (a) Private Finance Task Force, (b) Financial Services Authority, (c) Financial Services Tribunal, (d) Board of Banking Supervision, (e) VAT and Duties Tribunal and (f) National Savings; and which of the appointees to each body are from ethnic minorities. [122991]
Dawn Primarolo: The Financial Services Tribunal and the Board of Banking Supervision were disbanded following the enactment of the Financial Services and Markets Act 2000 (FSMA) and the Private Finance Task Force no longer exists. Of the remaining three bodies the current appointees are listed below. As information about which appointees are from ethnic minorities is personal, it can be disclosed only with their individual approval, which would entail disproportionate cost.
(b) Financial Services Authority
- Sir Howard Davies, Chairman (to be replaced by Callum McCarthy on 22 September 2003)
Stewart Boyd, Deputy Chairman,
Moira Black, Non-executive director
Tom de Swann, Non-executive director
Michael Foot, Executive director
Kyra Hazou, Non-executive director
Deirdre Hutton, Non-executive director
Sir Andrew Large, Non-executive director
Gillian Nott, Non-executive director
Christopher Rodrigues, Non-executive director
3 Jul 2003 : Column 374W
Dr Shamit Saggar, Non-executive director
Carol Sergeant, Executive director
John Tiner, Executive director
Steve Thieke, Non-executive director
Clive Wilkinson, Non-executive director
- Mrs. Ann Jennifer Adams (Bureaux de Change)
Mrs. Edith Rachel Adams FCA ATII
John B Adrain Esq FCA
Riaz Ahmad Esq CA
Mrs. Mary Christine Ainsworth
Mrs. Caroline Susan de Albuquerque
Dr. Norma Rhoda Ball AKC, FRGS
Mrs. Charlotte M Barbour CA ATII
Ray K Battersby Esq
John E Bentley Esq
Arthur Ernest Brown Esq
John N Brown Esq CBE FCA ATII
Gordon Burnison Esq QBE
Mrs. Brenda May Burrell
John Clark Esq FTII
Roger Edmund Cockfield Esq
lan Condie Esq
Bernard J Coode Esq FFA
Richard Dudley Corke Esq FCA
Robert Laverock Hamilton Crawford Esq
James D. Crerar Esq
Mrs. Marilyn Crompton
Sunil Kumar Das Esq
Praful D Davda Esq
John E Davison, Esq
Mrs. Carol Jean Debell
Mrs. Rayna Dean FCA
Jon P M Denny Esq
Ms Anne Diver
Keith Stuart Dugdale Esq FCA
Ms Helen M Dunn
Mrs. Sheila Edmondson FCA
Mohammed Farooq Esq
Mrs. C Farquharson (Bureau de Change)
Ms Helen Folorunso
Mr. John Freeston FRIGS
W. Ruthven Gemmell (Bureaux de Change)
Miss Heather Gibson
Cranstoun Bygott Harold Gill Esq
Kenneth Sidney Goddard Esq MBE
Miss Patricia Gordon
Robert Geoffrey Grice Esq
Frank Hazledine Esq
Anthony Francis Hennessey Esq
Mohammed Modashar Hossain Esq FCA FCIB
3 Jul 2003 : Column 375W
Ms Claire Elizabeth Howell
Michael James Esq
Roy Leonard Jennings Esq FCA FTII
Mrs. Roberta Scott Johnson
Mrs. Penny Jonas
Mrs. Heather Kelly
John David Kippest Esq
Mrs. Marjorie P Kostick FCA ATII
John Michael Lapthorne Esq
Miss Karen Bruce Lockhart
Maurice McCloy Esq
Mrs. Elizabeth Mavis MacLeod CIPM
Alex McLoughlin Esq
Mrs. Rosalind Jean Mackworth CBE
Kenneth Charles Manterfield Esq FCA
Tymothy R. Marsh
George Miles Esq
Mrs. Joanna M Neill ACA (Bureaux de Change)
Miss Sandra Christine O'Neill (Bureaux de Change)
Norman Henry Phillips Esq
Mrs. Heidi Poon
Mrs. Gilian Pratt
Roland Presho Esq FCMA
Kenneth W Pritchard Esq OBE
Scott Alexander Rae Esq
Miss Kathleen Ramm FCA
Anthony John Ring Esq FCA FTII ATT
Ms Carole A Roberts
Mrs. Nancy Joan Roberts
Albert Leonard Robinson Esq FHCIMA, FCFA
John Gerald Robinson Esq
Ms Rosalind Rudd
Mrs. Shahwar Sadeque MBCS
Mrs. Lynneth Mary Salisbury
Peter John Seward Esq
Michael Alan Sharp Esq FCA FHCIMA, FBHA
Cyril Raymond Shaw Esq FCA
Michael Maurice Silbert Esq FRICS
Mrs. Janet M Smith
Ramniklal Pranial Sodagar, Esq FCA, ATII
Professor R G Spector MD PhD FRCP, FRCPath
James Thomas Brian Strangward Esq
Ranbir Singh Suri Esq JP
Neil Francis Townsend Esq
Maurice William Trace Esq
Anthony Wreford Bothwell Voge Esq
Mrs. Ruth Alison Watts Davies AHICMA
Ian Ronald Welch Esq
David Wenn Esq FRIGS
Mrs. Angela West FCA
Peter Whitehead Esq
Mrs. Joan Whiteside QBE
The hon. Mrs. Angela Widdows
Leon Guy Wilkinson Esq FCIB
Miss Diana M. Wilson
3 Jul 2003 : Column 376W
-
(f) National Savings and Investments
Alan Cook, Chief Executive
Judy Lowe, Non-Executive Director
James Turner, Non-Executive Director
Richard Wright, Non-Executive Director
Maria Stafford, Non-Executive Director
| Next Section | Index | Home Page |