§ Lord Stoddart of Swindonasked Her Majesty's Government:
Further to the Answer given to Lord Stoddart of Swindon on 24 November (WA 103), whether they will state what is the maximum amount expressed in pounds sterling that could be levied as a fine under Council Regulation EC467/97 for breaking the excessive deficit procedure if the United Kingdom were to participate in the single currency, basing their answer on the latest figures of GDP available to HM Treasury; and if not, why not.
§ Lord McIntosh of HaringeyAccording to Council Regulation (EC) No. 1467/97, of 7 July 1997, the maximum single fine cannot exceed an upper limit of 0.5 per cent. of GDP. 0.5 per cent. of the latest calendar year figure for the value of GDP was approximately £3.7 billion. The sanctions under Council Regulation8WA (EC) No. 1467/97 would not apply to member states who do not participate in the single currency.