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Ministry of Agriculture Fisheries and Food;Forest Enterprise

To ask the Minister of Agriculture, Fisheries and Food, what (a) turnover, (b) profit and (c) amount of revaluation was recorded by the Forest Enterprise in the most recent year for which figures are available. - Inc figures and text of letter from Bob McIntosh of Forest Enterprise.

Asked by

Christopher Gill (Conservative)

Answering body

Ministry of Agriculture Fisheries and Food

Type

Written questions

Status

Answered

Date

10 May 2001

Reference

368 c301W; 160406

House

House of Commons

Treasury;UK Debt Management Office

To ask Mr Chancellor of the Exchequer, if he will publish the Debt Management Office's profit and loss account for each year since its inception; how much of each short term money asset has been held by the Debt Management Office, representing its short term money under management for each...

Asked by

Lord Tyrie (Conservative)

Answering body

Treasury

Type

Written questions

Status

Answered

Tabled on

26 April 2001

For answer on

3 May 2001

Answered on

3 May 2001

Mr. Tyrie: To ask the Chancellor of the Exchequer (1) if he will publish the Debt Management Office's profit and loss account for each year since its inception; [159999] (2) how much of each short term money asset has been held by the Debt Management Office, representing its short term money under management for each quarter since its creation; [160001] (3) how much short term money has been under management by the Debt Management Office for each month since the Debt Management Office's creation; [159998] (4) how much of each short term money market asset has been bought by the Debt Management Office from the net increase in short term assets in 2000-01 under management; and if he will publish the results in tabular form; [160000] (5) what returns have been made on short term assets managed by the Debt Management Office for each quarter since its creation; and what bench marks have been used. [160002] Miss Melanie Johnson: The information requested falls within the responsibility of the Chief Executive of the Debt Management Office. I have asked him to reply. Letter from Mike Williams to Mr. Andrew Tyrie, dated 3 May 2001: The Economic Secretary to the Treasury has asked me to reply to Parliamentary Questions numbers 15,998, 15,999, 16,000, 16,001 and 16,002. The increase in the Government's net short term cash position, represented by the relevant net short-term assets held on the Debt Management Account (DMA) which is managed by the Debt Management Office (DMO), was £13.4 billion in the course of the 2000-01 financial year (including a £0.5 billion cash deposit at the Bank of England){1}. The DMO did not acquire responsibility for managing the Exchequer cash position until 3 April 2000. The amounts of specific classes of short-term assets that are bought by the DMO, are matters of commercial confidentiality between the DMO and its counterparties. For related reasons the DMO does not publish monthly totals of its short-term net cash position. However, paragraph 20 of the DMO's Exchequer Cash Management Operational Notice (dated 20 January 2000), as supplemented by the DMO's announcement of 12 September and 9 November 2000, list the range of financial instruments in which the DMO may transact. These are set out in the schedule attached. All the DMO's market transactions flow through the DMA which came into operation in November 1999. The audited accounts for the DMA for the period to end March 2000 (including an income and expenditure account), will be published in due course. {1} The details of the financing arithmetic outturn are available on the DMO web site www.dmo.gov.uk Schedule: Financial instruments in which the DMO may transact _________________________________________________________________________________________________. Basis of dealing Outright purchases and sales Gilt purchases{1} Tenders and bilateral Gilt strip purchases{1} Tenders and bilateral HMT bills Tenders and bilateral Selected eligible bank bills{1} Bilateral Certificates of Deposit (CDs) Bilateral Selected commercial paper (CP) selected bank Bills and other Bilateral short-term debt issued by high Quality issuers, including supranationals and Foreign Governments{2} Purchases from the market for future resale (`reverse repo') and Sale to the market for future repurchase (`repo') Instruments Gilts (deliveries by value `DBV' and General Collateral `GC' Tenders and bilateral including strips) HMT bills Tenders and bilateral Non-Sterling HMT paper Bilateral Selected eligible bank bills Bilateral £ and other currency paper issued by high quality supranational Bilateral and foreign government issuers Other Unsecured cash borrowing and lending Bilateral _________________________________________________________________________________________________. {1} Less than six months to maturity {2} Less than 12 months Note: The DMO may also use short-term currency swaps, Forward Rate Agreements (FRAs) and interest rate futures to manage foreign currency and interest rate exposures. All foreign currency exposures will be hedged back into sterling.

Date

3 May 2001

Reference

367 c732-4W;367 c732-3W; 159999;160001;159998;160000;160002

House

House of Commons

Finance Bill 2000/01

Finance Bill. Committee stage fifth sitting (morning). Clauses 70 to 78 and 104 agreed to. Schedules 22 to 25 agreed to.

Type

Public Bill Committee proceedings; Debates on bills

Notes

Received 04.05.01

Date

3 May 2001

Reference

SCA

House

House of Commons

McIntosh of Haringey, Lord

Whether they support the Competition Commission's recent proposal to levy a windfall tax on past, present and future profits of banks, with the proceeds being used to help small firms to start up, grow and survive; and whether they support the Competition Commission's proposals to institute price controls to prevent...

Asked by

Lord Harrison (Labour)

Type

Written questions

Status

Answered

Date

24 April 2001

Reference

624 c218-9WA; HL 1663;HL 1664

House

House of Lords

Dept of Trade and Industry

To ask the Secretary of State for Trade and Industry, if he has approved the Post Office's five year Strategic Plan 2001 to 2006; and if he will make a statement.

Asked by

Jim Dobbin (Labour; Co-operative Party)

Answering body

Department of Trade and Industry

Type

Written questions

Status

Answered

Date

10 April 2001

Reference

158292; 366 c510-1W

House

House of Commons

Treasury

To ask Mr Chancellor of the Exchequer, what steps he has taken in the year since the publication of the Cruickshank Report to reduce the excess profits being earned by the leading clearing banks identified by the Report. - Ref to Governments response to the Cruickshank report and Chapter Three...

Asked by

Vincent Cable (Liberal Democrat)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

28 March 2001

Reference

155594; 365 c647W

House

House of Commons

Dept of Trade and Industry

To ask the Secretary of State for Trade and Industry, if an annual increase in pre-tax profit will cause operating aid to be terminated; and what recovery mechanism exists.

Asked by

Michael Clapham (Labour)

Answering body

Department of Trade and Industry

Type

Written questions

Status

Answered

Date

23 March 2001

Reference

365 c387W; 154478

House

House of Commons

President of the Council;Leader of the House of Commons

Supplementary business question on the profits of the oil companies.

Member

David Crausby (Labour)

Type

Business questions

Date

15 February 2001

Reference

363 c462-3

House

House of Commons

President of the Council;Leader of the House of Commons

Member

Baroness Beckett (Labour)

Type

Proceeding contributions

Date

15 February 2001

Reference

363 c462-3

House

House of Commons

PROFITS OF OIL COMPANIES

That this House notes the record profits generated by oil companies to be announced in the latest accounts - as much as ??350 per second; notes further that this is in the face of continuing public disquiet at the retail cost of petrol and requests by the Government that Shell...

Primary sponsor

Lindsay Hoyle (Labour)

Type

Early day motions

Date

13 February 2001

Reference

338; 338A1

House

House of Commons

Falconer of Thoroton, Lord

Whether provision has been made in the contracts to be signed with Legacy plc for the sale to them of the Millennium Dome site to provide the clawback of profits from Legacy plc if that company is deemed to have made excessive profits from the disposal or use of land...

Asked by

Baroness Anelay of St Johns (Conservative)

Type

Written questions

Status

Answered

Date

29 January 2001

Reference

HL 325; 621 c31WA

House

House of Lords

Treasury

To ask Mr Chancellor of the Exchequer, what guidance he has issued to other departments about the rights to receive windfall profits as part of Private Finance Initiative deals; and how many departments have agreed such deals (a) in accordance and (b) not in accordance with such guidance. - Inc...

Asked by

Harry Cohen (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Date

23 January 2001

Reference

361 c567W;361 c569W; 146839

House

House of Commons

WINDFALL TAX ON OIL COMPANIES' EXCESS PROFITS

That this House believes that in the light of the oil companies' blatant profiteering and their failure to pass on the reduction in the price of crude oil in lower petrol pump prices there is now a powerful case for the Chancellor of the Exchequer to consider imposing a one-off...

Primary sponsor

Martin Salter (Labour)

Type

Early day motions

Date

8 January 2001

Reference

161

House

House of Commons

Dept of Trade and Industry

Statement on if he has approved the Post Office's five year Strategic Plan and set the post-tax profit target for the Post Office group; and if he will make a statement. - Inc figures.

Asked by

Shona McIsaac (Labour)

Answering body

Department of Trade and Industry

Type

Written questions

Status

Answered

Tabled on

20 December 2000

For answer on

20 December 2000

Answered on

20 December 2000

Shona McIsaac: To ask the Secretary of State for Trade and Industry if he has approved the Post Office's five year Strategic Plan and set the post-tax profit target for the Post Office group; and if he will make a statement. [144050] Mr. Alan Johnson: I am pleased to announce that the Government have approved the Post Office's Strategic Plan for 2000-05. This is a five-year rolling Plan which is updated annually. The Plan represents a key element in the new arm's-length relationship that the Government are establishing with the Post Office in fulfilment of the reforms described in the White Paper published in July 1999. The Post Office will be building on the previous year's Plan and pursuing its strategy of becoming a global player in the distribution market. Although much has been achieved over the past year, the Post Office recognises that there remains much to do. The market place for postal services is increasingly competitive and there are tough challenges to be faced, but the Post Office is working to build on current initiatives and to seize commercial opportunities as they arise in the UK and internationally. The key features of the Strategic Plan are commercially confidential, and as such will not be published. In May this year the Government set the Post Office a return on capital employed target of 13 per cent. for 2000-01 which translated into an operational pre-tax profit target of £392 million for the year. Return on capital employed is defined as profit before interest payable and tax, but after operating interest receivable, divided by operating capital employed. This target excluded the network of post offices, where the report of the Performance and Innovation Unit on the network of post offices was awaited, and the non-operational interest arising from past surpluses held on the Post Office's balance sheet. This target was to be subsumed within the overall post-tax profit target for the Post Office as a whole, as described in the White Paper. The Government have now set a post-tax profit target figure for the group of £260 million for the financial year 2000-01. As already announced, the `dividend' that the Government effectively take out of the Post Office is now set at 40 per cent. of the post-tax profits of the business as a whole, and therefore if the Post Office achieves the profit target, this equivalent of a commercial dividend will be £104 million. This is subject to a dividend floor payment which this year will be raised from 80 per cent. to 90 per cent. of the dividend that would be paid if the Post Office meets its overall profit target. The dividend floor payment will therefore be £93 million. The Post Office will not pay dividends until it becomes a plc, but in the meantime will set aside the relevant amount in its reserves. In order to help the Post Office to plan for the medium term, the Government have also set an indicative financial return for 2002-03 of 13 per cent. return on capital employed in the Post Office's operational business, excluding the network of post offices and any non-operational interest arising from past surpluses.

Date

20 December 2000

Reference

144050; 360 c189-90W

House

House of Commons

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