CONFIDENTIAL
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Council
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FIDENTIA
Research
Council
15 December
DUTY MINISTERS IN DEPARTMENTS
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THE CHANCELLOR OF THE EXCHEQUER said that he had pressed for further detailed work on Economic and Monetary Union to be taken up by the Monetary Committee and, with some help from the Dutch and German Ministers, this had been agreed. The Committee would prepare a report on the issues involved, including those raised in the United Kingdom paper, by the end of March. discussion on the approximation of rates of Value Added Tax (VAT) had also concluded satisfactorily. There remained pressure for the obligatory harmonisation of VAT rates within a range of 14 to 20 per cent, or alternatively for an obligatory minimm rate. Because he had been unable to go along with such Conclusions, they had been registered as merely those of the Presidency and not of the Council itself, and in a statement for
einutes he had made clear that the United Kingdom was not Countted to them. United Kingdom concerns about the maintenance of zero rates of VAT had also been satisfactorily recorded. In the light of the discussion, the Commission had indicated their readiness to bring forward proposals for implementing the future system for operating VAT, which the Council ad greed in principle at its earlier meeting. Finally, the reman Minister had withdrawn his objections to the Directive solvency ratios for banks, which had therefore been finally adosted?
ONFIDENTIAL
THE SECRETARY OF SITE OR TRADE AND INDUSTRY said that the outcome of the Councy eating had been satisfactory. In particular expenditure are the framework programme for research and development he been reduced by two billion ecu compared with the figure ally proposed by the Commission.
The Cabinet
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Took note.
THE PRIME MINISTER said that Ministers in charge of Departments should ensure that a Duty Minister was available at all times during the Christmas recess both to cope with urgent departmental business and to ensure that the Department's policies were actively and effectively conveyed to the press and the public. The latter would be particularly ortant in view of the series of radio and television programme the coming weeks which would review the events of the past decade. The names of Duty Ministers should be passed her office.
eduled for
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