European Union Review of UK Economic Policy — Government approach to deficit reduction, growth and EU sanctions — 27 Jun 2012 at 19:32

The majority of MPs voted to support of the Government's approach to reducing the deficit and promoting growth, as well as to support the policy of seeking assurances the UK cannot be subject to EU sanctions in relation to EU economic measures.

The motion followed a review of the UK's economic policies by the European Union under the "European Semester"^[1] cycle of economic and fiscal policy coordination within the EU.

• That this House
• takes note of European Union Documents No. 10834/12^[2], relating to the Commission Communication: Action for stability, growth and jobs, No. 10557/12^[3] and Addendum, relating to the draft Council Recommendation on the United Kingdom’s 2012 national reform programme and delivering a Council opinion on the United Kingdom’s convergence programme for 2012-2017, and No. 10846/12^[4], relating to a Commission Staff Working Document: In depth review for the United Kingdom in accordance with Article 5 of Regulation (EU) No. 1176/2011^[5] on the prevention and correction of macroeconomic imbalances;
• welcomes the Commission’s support for the Government’s efforts to reduce the deficit and set the public finances on a sustainable path, which is consistent with the conclusions reached by the IMF and the OECD in their recent reviews of the UK economy;
• takes note of the Commission’s efforts to address timing difficulties with the European Semester;
• welcomes the Government’s approach to promoting growth domestically and at EU level; and
• welcomes the Government’s policy of securing assurances that the UK cannot be subject to sanctions in respect to the Stability and Growth Pact or the new Macroeconomic Imbalances Procedure.

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• [1] The European Semester on the Council of the European Union's Website
• [2] European Commission Communication: Action for stability, growth and jobs
• [3] Draft Council Recommendation on the United Kingdom’s 2012 national reform programme and delivering a draft Council opinion on the United Kingdom’s convergence programme for 2012-2017
• [4] Commission Staff Working Document - In-Depth Review for the United Kingdom in accordance with Article 5 of Regulation (EU) No 1176/2011 on the prevention and correction of macroeconomic imbalances
• [5]Regulation (EU) No 1176/2011 of the European Parliament and of the Council

Debate in Parliament | Source |