| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2015) 245 final (13.5.15) |
| Publication Date | 13/05/2015 |
| Content Type | Policy-making |
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According to Article 126 of the Treaty on the Functioning of the European Union (TFEU) Member States shall avoid excessive government deficits. Pursuant to paragraph 4 of the Protocol on certain provisions relating to the United Kingdom of Great Britain and Northern Ireland, the obligation to avoid excessive general government deficits does not apply to the UK unless it adopts the euro. Paragraph 5 of the Protocol provides that the UK is to endeavour to avoid an excessive government deficit. On 8 July 2008 the Council decided that an excessive deficit existed in the United Kingdom and issued recommendations to correct the excessive deficit by financial year 2009-10 at the latest. In April 2009 the Council decided that the United Kingdom had not taken action in response to the Council recommendation of 8 July 2008. On 2 December 2009, the Council issued revised recommendations recommending that the United Kingdom should put an end to the excessive deficit situation by 2014-15. On 6 July 2010, the Commission concluded that based on the Commission 2010 spring forecast, the United Kingdom had taken effective action in compliance with the Council recommendation of 2 December 2009 and considered that no additional step in the excessive deficit procedure was therefore necessary at that point in time. In June 2015, the Council established that the United Kingdom had not taken effective action over the period 2010-11 to 2014-15 in response to the Council Recommendation of 2 December 2009. |
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| Source Link | http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2015:245:FIN |
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| Countries / Regions | United Kingdom |
