EU warns that Britain is in danger of going bust!
LONDON, England - October 15, 2009 - Britian's economy was consigned to a list of those at “high risk” yesterday because of the spiralling national debt.
The European Commission issued a humiliating warning that the worsening budget deficit poses “serious concerns” that the country will be unable to meet future spending commitments, such as pensions.
The growing number of elderly people threatens to make debt unsustainable and has led to the UK economy being ranked alongside nations such as Latvia, Greece and Romania.
The warning plunged the government into a furious debate with Brussels, as Treasury officials said it called into question the EC's ability to carry out “credible economic analysis”.
But the Conservatives seized on the assessment as vindication of their decision to set out a package of spending cuts aimed at restoring the public finances to balance.
The European Commission issued a humiliating warning that the worsening budget deficit poses “serious concerns” that the country will be unable to meet future spending commitments, such as pensions.
The growing number of elderly people threatens to make debt unsustainable and has led to the UK economy being ranked alongside nations such as Latvia, Greece and Romania.
The warning plunged the government into a furious debate with Brussels, as Treasury officials said it called into question the EC's ability to carry out “credible economic analysis”.
But the Conservatives seized on the assessment as vindication of their decision to set out a package of spending cuts aimed at restoring the public finances to balance.
