Wednesday, July 9, 2008

It’s just us and Hungary

Europe rebuke as UK breaks budget deficit ceiling

Alistair Darling was given six months by his fellow European Union finance ministers yesterday to bring Britain's budget deficit below the 3 per cent of gross domestic product required by the single currency rule book.....certain medium-term objectives should be followed, including prudent debt ratios that took account of the economic and budgetary impact of ageing populations, and sufficient room for budgetary manoeuvre to meet public investment needs.

Posted by pendulum @ 07:01 PM (1097 views)
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12 thoughts on “It’s just us and Hungary

  • “…..The Government said last night that the ministers had not taken account of the UK’s low debt, the economic cycle or the important role of investment in public services and infrastructure…”

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  • Oh No!

    This could stop us joining the Euro.

    Quick, panic !!

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  • Well we’ve had it then ———- and Oh No! again. They might even throw us out of the EU. What are we going to do????/

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  • I don’t think there’s any getting away from the EU. There’s no get out clause.

    Looks like the interest rates are going to have to go up though…

    … what say you Kirstie and Phil, we all know you check this site out. It’s the only place to get proper info on the crash!

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  • musn't grumble says:

    “I don’t think there’s any getting away from the EU. There’s no get out clause.”

    I can think of at least 16 get-out clauses, all of which are floating around the north sea somewhere in a trident submarine. Weher there is a will there is a way.

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  • Thecoopster says:

    Ha ha ha. Not that I give a flying t0ss what the EU thinks, but the budget deficit is only going to get worse. I read somewhere (probably on here 🙂 ) that the deficit under Major in 1990-92ish went from pretty much break even to -7% of GDP as the recession bit.

    Stamp duty shortfalls alone are going to add billions to borrowing, add in the loss of income tax as people get laid off, the extra benefits, the loss of VAT as spending slows etc. etc. and 3.2% will seem a distant dream soon.

    UK = toast.

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  • @ musn’t grumble…

    So you recommend nuking our neighbours then…

    Wow, and I thought Armadinnerjacket was a posturing extremist…

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  • nooneo @ 6

    Won’t have to. The Russians are aimng theirs right now after getting just a little upset with NATO. That should help lower property values a bit more.

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  • f.c.U.K.e.d.

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  • wiltshire @ 8

    Excellent Precis.

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  • titaniccaptain @ 11

    They’re being ‘adjusted’ ——- Mustn’t destabilize the economy —– secrecy is all important —– don’t mention this to anyone.

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  • dohousescrashinthewoods says:

    Banana banana banana republic…

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