| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2014) 429 final (02.06.14) |
| Publication Date | 02/06/2014 |
| Content Type | Policy-making |
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On 9 July 2013, the Council adopted a recommendation on the United Kingdom's national reform programme for 2013 and delivered its opinion on the United Kingdom's updated convergence programme for 2012-13 to 2017-18. On 13 November 2013, the Commission adopted the Annual Growth Survey, marking the start of the 2014 European Semester of economic policy coordination. On the same day on the basis of Regulation (EU) No 1176/2011, the Commission adopted the Alert Mechanism Report, in which it identified the United Kingdom as one of the Member States for which an in-depth review would be carried out. On 5 March 2014, the Commission published the results of its in-depth review for the United Kingdom, under Article 5 of Regulation (EU) No 1176/2011. The Commission's analysis leads it to conclude that the United Kingdom continues to experience macroeconomic imbalances, which require monitoring and policy action. In particular, developments in the areas of household debt, linked to the high levels of mortgage debt and structural characteristics of the housing market, as well as unfavourable developments in export market shares, continue to warrant attention. The risks in the housing sector relate to a continuing structural undersupply of housing; intrinsic supply constraints, particularly in London, and the relatively slow response of supply to increases in demand continues to drive house prices higher, particularly in London and the southeast, and also leads to buyers taking on high mortgages. While the declining export market share is unlikely to pose short-term risks, taken together with the current account deficit, it still points to structural challenges. These are related to skills gaps and infrastructure deficiencies. As regards public finances, the United Kingdom has missed its headline deficit targets and its structural adjustment targets. On 30 April 2014, the United Kingdom submitted its 2014 national reform programme and its 2014 convergence programme. In order to take account of their interlinkages, the two programmes have been assessed at the same time. |
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| Source Link | http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2014:429:FIN |
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| Countries / Regions | Europe, United Kingdom |
