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So much for 'prudence' and the 'golden rule'

Straight from EUPravda:

"The United Kingdom's budgetary position has deteriorated over the past year and is expected to rise above the 3% of GDP reference value in the financial year ending in March 2009. In line with the Treaty, the Commission has therefore initiated the excessive deficit procedure" said Joaquín Almunia, Economic and Monetary Affairs Commissioner.


The planned figure for 2008/09 provides
prima facie evidence of the existence of an excessive deficit in the UK.


Having examined the budgetary developments as well as the short- and medium-term economic prospects and policy action taken by the UK government,
the Commission concludes that the planned excess of the deficit over the reference value cannot be considered exceptional or temporary and suggests that the UK is not respecting the deficit criterion set in the Treaty.

Since 2002/03, the United Kingdom has not built a sufficient "safety margin" for fiscal policy to operate freely and supportively during normal economic downturns without significant risk of breaching the reference value. Fiscal policy was expansionary in 2007/08, in spite of robust growth, leading to a deficit estimated to have increased slightly from 2.6% of GDP in 2006/07 to 2.9% of GDP in 2007/08.

Whilst general government gross debt is projected to remain below the 60% of GDP reference value set in the EU Treaty, debt has been on a rising trend since 2001 to reach an estimated 43.8% of GDP last year.

Quite what the Commissariat is going to do apart from telling the Dour One to stand in the corner is unclear. Meanwhile I rue not knowing any Socialist and EU true believers, so I will be denied the simple pleasure of pointing and laughing.

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Anonymous Anonymous said... 2:22 pm

With all the recent revelations about MEPs troughing activities, I would imagine that the EU budget has likewise deteriorated somewhat. I wonder if they will impose suitable sanctions on themselves?  

Blogger Bill Quango MP said... 3:11 pm

The party of prudence.. whatever happened to her?  

Blogger Croydonian said... 3:17 pm

Nomad - Doubtless quite a challenge.

Bill - I think she is quite the Miss Havisham these days.  

Blogger Armchair Sceptic said... 6:20 pm

Imagine how worse the position would be had we joined the euro!!!  

Anonymous Anonymous said... 9:10 pm

This is the outfit whose auditors have refused to sign off on the books for around a decade.  

Blogger Jeremy Jacobs said... 12:10 am

Decade and a half surely?  

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