This document contains details of the UK’s economic and fiscal situation and forecasts for 2012 to 2013, as required by the European Union.
Most of the content for the 2012 to 2013 Convergence Programme is drawn from previously published material contained in the Budget report and the Office for Budget Responsibility’s ‘Economic and fiscal outlook’.
The Treaty on the Functioning of the European Union requires all EU member states to annually report on their economies and public finances to the European Commission.
The requirement to submit the Convergence Programme is written into the Treaty. This requirement forms part of the EU’s Stability and Growth Pact, which was agreed in 1997 and took effect in 1999. The UK has therefore sent an annual Convergence Programme to the Commission since 1999.