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European Monetary Union

Volume 281: debated on Wednesday 17 July 1996

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To ask the Chancellor of the Exchequer what estimate he has made of the impact on UK tax rates of UK entry into European monetary union in 1999. [37176]

It is too early to assess the possible impact of joining a single currency on the UK. A full assessment of the costs and benefits will be carried out nearer the time, when the facts are known. Decisions on fiscal policy, including decisions on rates and levels of tax, must remain a matter for member states. These are at the heart of national politics.

To ask the Chancellor of the Exchequer what assessment he has made of the advantages of monetary union to each member of the EU. [37177]

It is too early to assess the possible impact of joining the single currency on the UK. A full assessment of the costs and benefits will be carried out nearer the time, when the facts are known. No assessment has been made of other member states' positions.