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Tuesday, March 16, 2010

EU Puts The Boot In

The EU, keen to show that it will not be pushed around by failing states such Greece, has issued a strong rebuke to the UK over its debt levels.

A leaked draft from the Commission warned that Britain's budget plans failed to guarantee it would meet an EU deadline (2014-15) to cut its debt to below European stability rules which caps debt at 3% of GDP.

The government, not surprisingly, have rejected this rebuke and note that the cuts required by the EU (£20BN) would be half of the education budget.

"Ironically", the leaking of the EU rebuke has taken some attention off the EU's failure to address the Greek issue.

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