Government Assessment of Medium Term Economic and Budgetary Position for Submission to the European Commission — 24 Mar 2015 at 16:53

The majority of MPs voted to approve the Government's assessment of the UK's medium term economic and budgetary position for submission to the European Commission.

The motion approved by the majority of MPs in this vote was:

• That this House
• approves, for the purposes of section 5 of the European Communities (Amendment) Act 1993, the Government’s assessment as set out in Budget 2015 and Autumn Statement 2014, combined with the Office for Budget Responsibility’s Economic and Fiscal Outlook (2015) and Fiscal Sustainability Report (2014), which forms the basis of the United Kingdom’s Convergence Programme.

Section 5 of the European Communities (Amendment) Act 1993 requires Parliament's approval for its report to the European Council and Commission giving its assessment of the UK's medium term economic and budgetary position in relation to the goals set out in Article 2 of the Treaty Establishing the European Community as required by Articles 103 and 104c of the Treaty of Rome

The Maastricht Treaty amended Article 2 of The Treaty establishing the European Economic Community to state:

• The Community shall have as its task, by establishing a common market and an economic and monetary union and by implementing the common policies or activities referred to in Articles 3 and 3a, to promote throughout the Community a harmonious and balanced development of economic activities, sustainable and non-inflationary growth respecting the environment, a high degree of convergence of economic performance, a high level of employment and of social protection, the raising of the standard of living and quality of life, and economic and social cohesion and solidarity among Member States.’

Article 104c (from the Treaty of Rome) states "Member States shall avoid excessive government deficits" and sets out procedures for monitoring compliance and taking action if the requirement is breached. Article 103 states "Member States shall regard their economic policies as a matter of common concern and shall coordinate them within the Council" and sets out procedures for such co-ordination.

Debate in Parliament | Source |