EU tells UK to cut deficit faster, warns Germany about next year
he European Commission told the UK to step up the pace of deficit reduction and warned that Germany looks set to slip back into deficit next year. Publishing its latest assessment of several EU member states' public finances, the commission also said Hungary is 'broadly' on track to correct its deficit by 2009. It took a particularly stern line with the UK. 'The pace of fiscal consolidation in the United Kingdom appears insufficient and should be strengthened significantly,' it said. By contrast, the commission noted that 'Germany has achieved a remarkable budgetary consolidation', reaching budget balance this year.
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