§ Mr. DavidTo ask the Chancellor of the Exchequer what progress is being made in discussions at a European level about the stability and growth pact. [172729]
§ Ruth KellyThe Government continue to emphasise the need for a prudent interpretation of the stability and growth pact, taking into account the economic cycle, sustainability and the important role of public investment.
The Government published alongside Budget 2004 a discussion paper comparing our British fiscal framework with the rules of the European Union's stability and growth pact, examining the principles, based on our experience, which should guide the evolution of fiscal policy.