HC Deb 09 December 1997 vol 302 cc508-9W
Mr. Sayeed

To ask the Chancellor of the Exchequer what calculations he has made of the total unfunded pension liabilities of the member states of the European Community; and what assessment he has made of the potential impact of that liability within EMU on interest rates to the year 2025. [18987]

Mrs. Liddell

The Treasury has made no independent calculations of other Member States' unfunded pension liabilities. Estimates and projections of pension expenditure by Member States are available in "Public pension expenditure prospects in the European Union; A survey of national projections" published by the European Commission in European Economy No. 3 1996. Pension liabilities are unlikely to have a major impact on interest rates, given the rigorous constraints imposed by the Stability Pact on public borrowing.