§ Lord Lester of Herne Hillasked Her Majesty's Government:
What steps they intend to take to ensure that the five tests for the United Kingdom's entry into economic and monetary union are met within a prescribed period of time; and [HL3301]
Whether they consider it probable that the United Kingdom will enter the economic and monetary union within the next five years. [HL3302]
§ The Parliamentary Under-Secretary of State, Department for Culture, Media and Sport (Lord McIntosh of Haringey)In his Statement to Parliament on 9 June 2003, the Chancellor of the Exchequer announced major reforms, right for the British economy, reforms which will be implemented over the next year and will greatly assist the process of achieving sustainable and durable convergence and the flexibility necessary for Britain to succeed sustainably within the euro-zone and realise its potential for trade and investment.
The Government believe there is a realistic prospect of making significant progress on this reform agenda over the next year. We will report on progress in the Budget next year.
§ Lord Lester of Herne Hillasked Her Majesty's Government:
In the context of the decision to join the euro-zone, what is their understanding of the likely effect of variable rate financing in the United Kingdom housing market on consumer spending. [HL3335]
§ Lord McIntosh of HaringeyI refer the noble Lord toUK membership of the single currency: An assessment of the five economic tests (Cm 5776) published on 9 June 2003.
15WA
§ Lord Lester of Herne Hillasked Her Majesty's Government:
- (a) what they consider to be the problems with the United Kingdom housing market;
- (b) whether and in what way entry into the euro-zone would affect these problems; and
- (c) what policies they intend to adopt to mitigate the problems, so as to facilitate United Kingdom entry into the euro-zone. [HL3336]
§ Lord McIntosh of HaringeyI refer the noble Lord toUK membership of' the single currency: An assessment of the five economic tests (Cm 5776) and the Statement by the Chancellor of the Exchequer to Parliament on 9 June 2003 (Official Report column 25–35).
§ Lord Oakeshott of Seagrove Bayasked Her Majesty's Government:
What were the total costs of the recent assessment of the five economic tests and the background studies; and what were the costs of (a) the physical production and delivery of the assessment and studies themselves; and (b) payments to outside experts who contributed to the studies. [HL3338]
§ Lord McIntosh of HaringeyThe resources allocated to producing and delivering the assessment of the five economic tests and the eighteen EMU studies were met from within the Treasury's three-year departmental expenditure limits.