Brexit & EconomyPoliticsEC slates the state of UK’s finances

EC slates the state of UK's finances

Commission slates UK public finances, with a dig at the government's liabilites 'in the financial sector'

The European Commission has alluded that the liabilities the government is
exposed to through its rescue of Northern Rock should appear on its books.

In the commission’s annual report on public finances, it said the UK’s budget
deficit had deteriorated from last year and could breach the requirements of the
Maastricht Treaty.

Under the treaty it must not have a deficit over 3% of GDP, and the
government was ‘accumulating contingent liabilities in the financial sector’
that could not be ignored, believed to be a reference to its investment in
Northern Rock, reported the
Daily
Telegraph
.

Further reading:

Read
the Telegraph’s story

Related Articles

5 key takeaways from Theresa May’s Florence speech

Brexit 5 key takeaways from Theresa May’s Florence speech

3m Alia Shoaib, Reporter
UK at risk of Brexit talent brain-drain

People Practice UK at risk of Brexit talent brain-drain

3m Alia Shoaib, Reporter
Brexit essentials: this week's round-up

Politics Brexit essentials: this week's round-up

4m Alia Shoaib, Reporter
Government publishes post-Brexit customs arrangements policy paper

Politics Government publishes post-Brexit customs arrangements policy paper

4m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

4m Emma Smith, Managing Editor
Increased government spending partly offset by high tax revenue

Governance Increased government spending partly offset by high tax revenue

5m Alia Shoaib, Reporter
Less than a third of UK businesses have made formal Brexit plans

Politics Less than a third of UK businesses have made formal Brexit plans

5m Alia Shoaib, Reporter
Nicky Morgan elected Chair of the Treasury Committee

Politics Nicky Morgan elected Chair of the Treasury Committee

5m Alia Shoaib, Reporter