EU Growth and Stability Pact

Part of the debate – in the House of Lords at 3:31 pm on 28 February 2002.

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Photo of Lord Saatchi Lord Saatchi Conservative 3:31, 28 February 2002

My Lords, is it not regrettable that an important White Paper was published this morning and not made the subject of a Statement in both Houses of Parliament? In view of that, will the Minister ensure that an early debate on the White Paper takes place in your Lordships' House?

Are we not witnessing, in the words of the Chancellor this morning, a crude attempt by the Government to rewrite the EU's convergence programme and the rules of the EU growth and stability pact by including or omitting figures to suit themselves? Is that not because the Chancellor can see from today's published zero growth figures for the UK economy that the public finances are heading into a massive deficit, even more horrendous than the £54 billion of borrowing already planned over the next four years?

There are EU rules. The Government are in breach of them. What is their solution? It is to change the rules. Is that not what the Chancellor's words this morning really meant?