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‘Not
Yet,’ But Brown Keeps Euro Option Open
London
Chancellor Gordon
Brown told Parliament on 9 June that 4 out of
5 key economic tests for joining the euro have not yet been met. Mr Brown
said that the Government would report back at the next Budget and then decide
whether to assess the tests again with a possible referendum next year.
Brown said that the
most important of the tests - convergence with the Eurozone and flexibility to
adapt to changes - had yet to be met.
The Chancellor
confirmed that a referendum bill would be announced in the autumn to keep open
the option of a national poll on the issue before the next General Election.
For related
information visit:
www.britainineurope.org and
www.no-euro.com
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Politics at a Glance
Westminster:
End of Consultation Period for National Air Transport Strategy is 30 June
www.dft.gov.uk
Washington:
On 13 May, the US and
other countries filed its GMO case against the EU. The two sides have 60
days to negotiate.
www.wto.org
Brussels:
European Council in
Thessaloniki, Greece, 20 June
www.eu2003.gr
For
more information on BritishAmerican Business’s policy programme, contact Sarah Sim, Policy
Manager ssim@BritishAmerican Businessnc.org
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BritishAmerican Business
Action
House and Senate Pass Tax Relief: Section 911 Safe
On May 23, Congress
passed the conference report on the ‘Jobs and Growth Tax Relief Reconciliation
Act of 2003’ while maintaining an important income tax exclusion for Americans
working overseas. BritishAmerican Business wrote to Senate Finance committee chairman, Chuck
Grassley arguing that eliminating the Section 911 Exclusion, which allows the
first $80,000 earned by US citizens abroad to remain US income tax-free, would
have a negative impact on US investment overseas and, therefore, US jobs. BritishAmerican Business
added its voice to those of the US Chamber of Commerce, the European Council of
American Chambers of Commerce and other business groups.
Read BritishAmerican Business’s letter |
US
and UK Reach Landmark Defence Deal?
Washington
UK and US officials
agreed in mid-May to a groundbreaking deal that would waive restrictions on the
sale of unclassified defence equipment between the two countries.
If approved by both
governments, the deal could be implemented in the first half of 2004. British
ministers could approve the agreement by as early as June 2003.
The plan to waive U.S.
International Traffic in Arms Regulations (ITAR)
must also be endorsed by Parliament and Congress. The ITAR waiver would permit
the transfer to the UK of unclassified defence equipment and technology without
a license and, it is believed, could send a message that the US is willing to
move closer to the UK on defence and other trade issues.
Any company wishing to
bid for Iraq Reconstruction sub-contracts can register by visiting
http://www.usaid.gov/iraq/ or
http://www.bechtel.com/iraq.html
Transatlantic Summit to Focus on Boosting Investment
Brussels
The
EU-US
summit will take place in Washington on 25 June. The heads of both
Governments meet annually to strengthen the transatlantic political and economic
agenda. Last year’s summit focused on EU-US cooperation in the fight against
terror and promoting a positive trade agenda. This year’s summit will focus on a
commitment to supporting and re-launching the
Trans-Atlantic Business Dialogue (TABD) and to working with industry to
identify and remove trade barriers and reduce overall transaction costs for
businesses.
In other news, the
Draft EU
Constitution is due to be submitted to the European Parliament on 20 June.
Finally, the last date
to contribute to the
EC’s Green Paper on Entrepreneurship is 30 June.
Upcoming BritishAmerican Business Policy Events
● 26 June breakfast,
“Employment Act 2002”
● 26 July evening
reception with Richard Thomas, UK Information Commissioner
Please contact:
ukevents@BritishAmerican Businessnc.org |
