Wednesday, 5 May 2010

UK budget deficit 'to surpass Greece's as worst in EU'

European commission's spring forecasts put UK budget deficit this year at 12% of GDP – the highest in the European Union and worse than Treasury estimates

The UK budget deficit will swell this year to overtake Greece, becoming the worst in the European Union, the European commission said today in a stark warning on the eve of the election.

The commission's spring economic forecasts put the UK deficit for this calendar year at 12% of GDP, the highest of all 27 EU nations and worse than the Treasury's own forecasts.

The country's budget shortfall was the third largest in the EU last year but will overtake both Greece and Ireland this year, according to the forecasts. more...


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