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Written Answers to Questions
Friday 7 February 1997
TREASURY
Fixed Exchange Rate System
Mr. Michael Brown: To ask the Chancellor of the Exchequer what assessment he has made of the net (a) benefits and (b) costs to the United Kingdom economy of sterling's membership of a fixed exchange rate system.[14238]
Mrs. Angela Knight: The Chancellor considered carefully the case for joining the new exchange rate mechanism in stage 3 of economic and monetary union linking the euro with non-participating member states, but concluded that the best way to secure lasting exchange rate stability is to achieve low inflation and sound public finances. Hence, the Government have no intention of re-entering sterling into a fixed exchange rate system, such as the new ERM. The Government recognise the value of a stable exchange rate but do not have a target for sterling.
Equal Opportunities
Mr. Keith Hill: To ask the Chancellor of the Exchequer how many people are employed by his Department to provide advice on the application of equal opportunities; and at what cost in the last year for which figures are available. [14479]
Mrs. Angela Knight: A number of staff in personnel including the departmental equal opportunities officer provide advice on equal opportunities issues, all of whom have additional duties. A breakdown of the cost of time spent solely on equal opportunities issues is therefore not available.
Dorneywood
Mr. Flynn: To ask the Chancellor of the Exchequer if he will list the members of the management board of the Dorneywood trust; and if he will make a statement.[14619]
Mr. Kenneth Clarke: The Dorneywood trust is a private trust, for which I am not responsible and for which Ministers are not answerable to Parliament.
Privatisation (Revenues)
Mr. Malcolm Bruce: To ask the Chancellor of the Exchequer what estimate he has made of the revenues from privatisation which will be received in (a) 1997-98, (b) 1998-99, (c) 1999-2000, (d) 2000-1 and (e) 2001-2; how much of the revenue in each year relates to privatisation which took place before 1 February; if he will list the additional bodies assumed to be privatised after that date; and if he will make a statement. [14817]
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Mr. Jack: As published in table 5.3 of the "Financial Statement and Budget Report 1997-98", privatisation proceeds are expected to be:
- (a) £2.0 billion in 1997-98;
(b) £1.5 billion in 1998-99;
(c) £1.0 billion in 1999-2000.
Stamp Duty
Mr. John Greenway: To ask the Chancellor of the Exchequer if he will make a statement about the advice commissioned from the Securities and Investments Board on the regulatory implications of the proposed liberalisation of stamp duty on UK equity stock borrowing. [15317]
Mrs. Angela Knight: The Securities and Investments Board has submitted to the Treasury a report, "The fiscal liberalisation of stock borrowing and repo in UK equities; regulatory recommendations". This report was produced in response to a request from the Chancellor in September 1995, following the Director General of Fair Trading's report on the rules of the London stock exchange relating to market makers. Copies of the report are available in the Libraries of the House.
The Government fully accept the SIB's key recommendations that there is no immediate need to tighten or extend regulation in this area, but that further work on stock borrowing should be undertaken by the SIB, to cover guidance on good practice; the disclosure regime for short selling, and the stock borrowing regime for smaller companies.
The way is now clear for Parliament to consider the proposals set out in the Finance Bill for a sweeping reform of the current fiscal regime as it affects the lending and borrowing of UK equities. These proposals amount to a substantial liberalisation and modernisation of existing tax rules. Taken together with the SIB's proposed light regulatory touch, they should enhance the competitive development of this market, to the benefit of investors and market intermediaries alike.
Mr. Pickthall:
To ask the Chancellor of the Exchequer how many people who have been mis-sold personal pensions have so far received compensation. [11395]
Mrs. Angela Knight
[holding answer 28 January 1997]: Accurate figures are not available for the total number of people who have received compensation for being mis-sold a personal pension.
Mr. MacShane:
To ask the Chancellor of the Exchequer how many companies have notified the Inland
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Revenue their intention of introducing a profit-related pay scheme since (a) September 1996 and (b) December 1996.[14425]
Mr. Jack
[holding answer 6 February 1997]: Between 1 September 1996 and the end of January 1997 the Inland Revenue received almost 7,500 applications to register a profit-related pay scheme. That figure includes some businesses which have previously had a registered scheme and some which have not. Of this total, about half--3,700--applied in the three months before 1 December 1996, and about half--3,800--applied in the two months following that date.
Mr. Derek Foster:
To ask the Chancellor of the Exchequer on how many occasions in each of the last five years computer systems have been illegally accessed by computer hackers in his Department. [14566]
Mrs. Angela Knight
[holding answer 6 February 1997]: There have been no recorded instances of hacking into Treasury computer systems in any of the last five years.
Mr. Foster:
To ask the Chancellor of the Exchequer how many cases of computer hacking, fraud and theft, including theft of computer chips his Department has recorded in the last five years. [14567]
Mrs. Knight
[holding answer 6 February 1997]: There have been no recorded instances of hacking into Treasury computer system or their fraudulent use in any of the last five years.
There have been some cases of thefts of computer equipment as follows:
1991-92: 1
1992-93: 1
1993-94: 1
1994-95: 2
1995-96: 5.
Rail Transport (Bicycles)
Mrs. Bridget Prentice: To ask the Secretary of State for Transport when (i) he and (ii) his officials last had discussions with Connex South Eastern about the provision of bicycle accommodation on trains between Sevenoaks and Blackfriars; and if he will make a statement. [13443]
Mr. Watts: Neither my right hon. Friend nor I have had discussions with Connex South Eastern about the carriage of bicycles on its services, which is a matter for it. The franchising director and his officials meet with Connex South Eastern regularly to discuss the operation of the franchise when any pertinent matter may be raised.
In respect of the carriage of bicycles on trains generally, the franchising director has included in franchise agreements a requirement that, so far as reasonably practicable, and subject to the availability of appropriate space on its rolling stock, franchisees should ensure that
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facilities are made available for the carriage of cycles on trains. Franchise operators may not charge passengers unreasonable amounts for the provision of these facilities.
It would, however, be impracticable to require franchisees to make facilities available on all services. For example, not all existing rolling stock is designed to carry cycles. The provisions therefore strike a balance between the desire for operators to accommodate cyclists while acknowledging that it may not always be possible for them to do so.
Mr. Keith Hill:
To ask the Secretary of State for Transport how many people are employed by his Department to provide advice on the application of equal opportunities; and at what cost in the last year for which figures are available. [14466]
Mr. Bowis:
The management of equal opportunities is an integral part of personnel work in the Department and its agencies, but certain staff carry specific responsibilities for particular equal opportunities issues. In the central transport group there are six, in the Highways Agency, three, in the Driver and Vehicle Licensing Agency, four, in the Vehicle Certification Agency, three, in the Driving Standards Agency, four, in the Vehicle Inspectorate, one, in the Marine Safety Agency, one, and in the Coastguard Agency, one. The cost of that part of their work, and of other staff in handling equal opportunities issues, cannot readily be disaggregated.
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