HC Deb 11 November 1997 vol 300 cc504-5W
Sir Richard Body

To ask the Chancellor of the Exchequer what is the maximum amount that can be levied as a fine in accordance with the amended proposal for the excessive deficit procedure laid down in European Union document 9486/97. [12502]

Mrs. Liddell

According 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. Fines would not apply to Member States that do not participate in the single currency.