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EU says UK’s finances are a serious concern
BRITAIN’S deteriorating public finances pose a serious concern after billions of pounds were spent on boosting the economy, the European Commission (EC) said yesterday.
Along with Ireland, Greece, Latvia, and Spain, “the possible continuing effects of the crisis on the budgetary position and on medium-term growth are a serious concern for the UK”, the EC said in its 2009 Sustainability Report.
The report added that reducing the primary deficit would lower the severe risks to the long-term sustainability of the public finances.
Shadow chief secretary to the Treasury, Philip Hammond, said: “This is further evidence of the extent of the debt crisis and shows why we need a clear and credible plan to start reducing Britain’s deficit now.”