HC Deb 07 June 1995 vol 261 cc203-4W
Mr. Matthew Banks

To ask the Chancellor of the Exchequer if he will make a statement on the recent Council meeting of the Economic and Finance Ministers of the European Union. [27373]

Mr. Kenneth Clarke

I represented the United Kingdom at the Economic and Finance Council of the European Union in Brussels on 22 May.

£ million
Corporation Tax
Year Petroleum revenue tax Supplementary petroleum duty ACT set-off Main-stream CT Royalty Total
1979–80 1,435 78 172 628 2,313
1980–81 2,410 97 244 992 3,743
1981–82 2,390 2,025 270 411 1,396 6,492
1982–83 3,274 2,395 202 319 1,632 7,822
1983–84 6,017 430 447 1,904 8,798
1984–85 7,177 1,244 1,188 2,426 12,035
1985–86 6,375 1,085 1,831 2,057 11,348
1986–87 1,188 1,130 1,546 919 4,783
1987–88 2,296 681 617 1,024 4,618
1988–89 1,371 685 510 602 3,168
1989–90 1,050 495 248 575 2,368
1990–91 860 363 484 605 2,312
1991–92 -216 370 268 557 979
1992–93 69 480 202 554 1,305
1993–94 359 219 39 606 1,223
1994–95 710 300 80 540 1,630

The Council reached a broad consensus on a proposed regulation on the protection of the Community's financial interests fraud. I stressed the need for early agreement on an effective text which would produce a significant improvement on existing arrangements.

Political agreement on a common position was reached on the proposed investor compensation directive to set minimum compensation requirements for EU investment firms and credit institutions.

The Commission made short presentations on the state of trans-European networks and their financing; on its spring economic forecasts and on amended proposals for a carbon-energy tax in the light of the conclusions of the Essen European Council.

The Council agreed that the conditions were now met for the disbursement of the 85 mecu loan to the Ukraine agreed in December 1994. There was also broad agreement in principle to a further loan of up to 200 mecu, with a first tranche of 100 mecu, and with the amount of the second tranche to be determined by the Council on the basis of satisfactory burden sharing. The implementation of the loan is to be linked to the Council's assessment of progress on the nuclear question.

The Council adopted a regulation by qualified majority to delay revaluation of the Belgian franc within the agrimonetary system. I made clear the UK's opposition to the proposal and accordingly voted against. I stressed that we would not accept any increase in the agricultural guideline.

There was a brief discussion about pressures on the financial perspectives ceilings for internal and external spending. I agreed with the Dutch and German representatives on the need for more transparency and for budgetary restraint at an EU level as well as at a national level.