BusinessCompany NewsBrown censured over UK spending plans

Brown censured over UK spending plans

Chancellor Gordon Brown's spending plans for the economy have been met with a stinging rebuke by European finance ministers who say they breach European Union rules.

Link: IoD urges budget spending cutbacks

Brown’s spending plans could breach EU rules on public finances as they are in danger of sending the UK budget deficit above the 3% level of GDP, according to the Times.

Three percent is the maximum deficit allowed for member states under the EU’s stability and growth pact.

According to reports, EU’s council of finance ministers wanted to give Brown a much harsher rebuke, but the chancellor managed to persuade them to tone down their criticism.

Brown believes low debt-countries like Britain should have more freedom in their fiscal spending then countries with high debt.

Despite this confidence, the chancellor has come under fire from organisations within the UK for his ambitious spending plans. The Institute of Directors has called on Brown to cut back his spending plans and planned increased in national insurance contributions.

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

4m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

1y Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor