UK Role in Europe — 13 Jan 1999

I beg to move,

That this House regrets the display of "absentee government" by the Chancellor of the Exchequer in failing to be present at the official launch of the euro and in not giving a clear lead to British businesses in relation to future UK membership of the euro; believes that the Government's failure to come to terms with the euro will undermine the prospects for exercising British leadership in Europe; calls on the Government to set out a clear strategy and timetable for British membership of the euro, including measures to accelerate convergence of interest rates, an early report on plans to make Britain's inflation target compatible with that used within the euro zone, urgent clarification of the remit of the cross-party euro preparations committee, initiation of an annual HM Treasury report to Parliament on progress on the Government's five convergence criteria, and steps to encourage an open debate on the appropriate level at which sterling should join the euro; and further urges the Government to contribute to the development of a European Union which is open, accountable, democratic and decentralised, and in which the powers of European institutions, the constitutional relationship between the EU and member states and the rights of the citizens of EU member states are more clearly defined through the establishment of a constitution for Europe.

The Independent reports that the document states that

I beg to move, To leave out from "House" to the end of the Question, and to add instead thereof:

"recognises the importance to the British economy of continued membership of the European Community; welcomes the step change that the Government has made in its economic relations with the UK's European partners and the real benefits that constructive engagement has brought for Britain; commends the progress made by the Government in promoting economic reform in Europe as the basis for growth and job creation; welcomes the Government's ongoing programme of practical assistance to British business on the implications of the euro; commends the Bank of England and the financial services industries for the skill and expertise with which they managed Britain's part in the transition of 1st January 1999; and welcomes the Government's decision to make the national economic interest the key test for British entry to the single currency on the basis of five economic tests and that any final decision should be made by the British people as set out in the Chancellor's statement to the House of 27th October 1997."

Question put, That the original words stand part of the Question:--

The House divided: Ayes 42, Noes 281.

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