147/01
20 December 2001
UK SUBMITS ANNUAL ECONOMIC REPORT TO EUROPEAN COMMISSION
The Treasury today published, and submitted to the European Commission, the UK’s 2001 Convergence Programme, “Maintaining Economic Stability”. This is the fourth annual update to the UK Convergence Programme published in line with the EU Stability and Growth Pact.
The programme, which provides information on economic and fiscal developments in the UK, is submitted to the ECOFIN Council and the European Commission in line with Article 7 of Council Regulation (EC) No 1466/97 of the Stability and Growth Pact, for the purposes of the multilateral surveillance procedure under Articles 99 and 104 of the Treaty establishing the European Community (ex Articles 103 and 104c).
Following submission to the Council and the Commission, the 2001 update of the UK programme will be examined by the Commission, as will updates of Stability and Convergence Programmes submitted by the other 14 Member States of the European Union. Following the Commission’s examination, the ECOFIN Council will deliver its opinion on the programme.
NOTES FOR EDITORS
1. This is the fourth annual update to the Convergence Programme produced by the UK in line with the EU Stability and Growth Pact.
2. Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies can be found in the Official Journal of the European Communities, L209, 2.8.97, p1.
3. The UK’s 2001 Convergence Programme is based on the 2001 Budget documentation, and the November 2001 Pre-Budget Report (PBR), and reflects the forecasts of the economy and public finances contained in the PBR. It sets out the Government’s economic objectives and how the Government’s economic strategy is helping maintain economic stability.
4. Member States participating in the single currency are required to submit ‘Stability Programmes’ to the Council and the Commission; non-participating Member States are required to submit ‘Convergence Programmes’.
5. Media copies of the 2001 update of the UK Convergence Programme are available from the Treasury Press Office on 020 7270 5238.
The 2001 update of the UK Convergence Programme is available below in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website.
For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page.