Press Release: Commission recommends correction of UK budget deficit

The European Commission on 11 January 2006 presented its opinion concerning the United Kingdom's budgetary situation in the light of the the European Union Treaty and the revised Stability and Growth Pact. The Commission took the view that at 3.3% of GDP in the 2004/05 financial year, the United Kingdom was running an excessive budget deficit which could not be considered temporary. The Commission was asking the Council to endorse this opinion and to recommend that the deficit be brought below 3% by the forthcoming 2006/07 financial year.