§ Mr. GibbTo ask the Chancellor of the Exchequer if the changeover plans regarding preparations for British entry into the single currency will contain details of the Government's convergence strategy. [63866]
§ Ms Hewitt[holding answer 14 December 1998]: The Government's strategy for achieving convergence was set out by the Chancellor in his statement to the House of Commons on 27 October 1997, Official Report, columns 583–88. The Government believe that the UK economy needs a period of economic stability to deliver the sustainable convergence needed before we can join the single currency and there is no realistic prospect of our having demonstrated, before the end of this Parliament, that we have achieved convergence which is sustainable and settled, rather than transitory.
The outline national changeover plan will set out the practical steps that would need to be followed if the UK were to decide to join the single currency and is the result of Treasury consultation with our 100 organisations, including trade associations and businesses. Its focus is therefore practical business and public sector issues.
Progress by pensions firms in resolving cases of personal pensions mis-selling in the period to the end of November 1998 A B C D E F G H 50–75% of cases resolved Countrywide 5,293 2,725 584 222 362 200 4 59 IFA Network 406 117 169 117 58 56 14 70 Over 75% of cases resolved DBS 2,446 955 1,054 253 801 641 26 76 Burns Anderson 1,288 440 685 265 420 364 28 83 Financial Options 577 398 99 33 66 54 12 84 Windsor Life 9,678 4,172 5,105 333 4,772 3,968 41 88 Sun Life of Canada 29,150 11,336 16,081 2,783 13,298 11,463 39 88 Lincoln National 13,605 2,255 10,950 1,430 9,520 8,520 63 90 Standard Life 7,515 914 6,255 1,314 4,941 4,555 61 90 Colonial 8,732 3,169 5,264 613 4,651 4,154 48 91 Sedgwick 16,928 9,969 5,922 1,950 3,972 3,526 21 91