Press Release: Commission recommends deadline for correction of excessive deficit in the United Kingdom

The European Commission recommended that EU finance ministers set a deadline of the 2009/10 financial year for the United Kingdom to correct its budget deficit, which is expected to exceed 3% of GDP in the present financial year. This follows the report adopted in June under Article 104 of the Treaty and the opinion of the Economic and Financial Committee on that report. The issue is expected to be decided upon by the ECOFIN Council of 8 July.