The European Union closed its excessive deficit procedure against the United Kingdom on Tuesday, confirming that London has been able to tighten its budget deficit beyond three per cent of gross domestic product (GDP) after nine years.
Since the summer of 2008, the island has been under an excessive deficit procedure, at a peak of the economic crisis, the budget deficit was around 10 percent, which was down to 2.3 percent, and London fulfilled the criteria for closing the procedure.
According to the European Commission’s forecasts, the deficit will remain below the 3% level in the next few years, while in 2018, 2.5, and 1.8 percent in 2019.
After Tuesday’s decision, only two countries (France and Spain) remained under sanctions for the 24th in 2011.
Source: MTI / Picture: mno.hu /