UK Budget Deficit _ EU Warning
Published / Last Updated on 15/03/2010
UK Budget Deficit - EU Warning
by Ashley Clark, Director
In a report issued today, the European Commission has reprimanded Gordon Brown for not cutting Britain’s budget deficit fast enough.
The European Commission said: “A credible timeframe for restoring public finances to a sustainable position requires additional fiscal tightening measures beyond those currently planned.”
There are also concerns that the size of the Government’s stake in UK banks adds to concerns about whether borrowing can be scaled back.
The report was commissioned by the EC due to the UK breaching EU stability rules.
The Government currently plans to halve the budget deficit in four years and warns that faster cuts could make the economic recovery falter. The Conservatives do not agree and are calling for faster cuts.
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