|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    24th of February 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Economy News feed Economy News

Debt News feed Debt News

All Financial News feed All Financial News




EU report calls for more action in reducing UK budget deficit

Bookmark and Share

by Kay Mitchell
”EU

A report due to be released later this week by the European Commission is expected reveal the Government’s plans for reducing the budget deficit are not ambitious enough.

A draft document, which has been seen by the Reuters news agency, warns Britain is not on target to trim its deficit in accordance with EU rules of below 3% of economic output by 2014-15.

The rules say deficits must be below 3% of GDP, but the UK’s is expected to reach £178 billion – 12.6% of GDP.

However, the report also states that other EU countries are in a similar situation.

The Government has outlined plans to reduce the UK’s deficit from 12.1% of GDP in 2010-11 to 4.7% in 2014-15 – falling short of EU regulations.

However, in the build-up to next week’s Pre-Budget Report, Chancellor Alistair Darling has warned that the economic recovery is still too fragile warned that cutting the deficit too quickly could pose a threat to the recovery.

In the meantime, the report also queries the Treasury’s forecasts for the UK’s economic growth.

According to an EU spokesperson: “The message from the Commission will be that the UK needs to get its house in order.”

Discuss this in the Finance Markets forums

Story link: EU report calls for more action in reducing UK budget deficit



News posted: March 16, 2010

Financial Services:





Related financial stories to: EU report calls for more action in reducing UK budget deficit:
Previous: «
Next: »

Visited 2988 times, 1 so far today

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Tags: , , , , , , , , ,