23/09/05 - Neil Parrish MEP - UK Deficit Ticking Off

European Commission gives UK a ticking off over deficit

Gordon Brown's profligacy as Chancellor and his cavalier approach to the public finances could have disastrous implications for the British economy in the event of a downturn, South West Conservative MEP, Neil Parish, said today.

Mr Parish commented as the European Commission looked set to launch formal proceedings against the UK for breaching the Stability and Growth Pact's budget deficit ceiling of three per cent of gross national income. He said this was especially embarrassing during the UK's presidency of the EU.

Mr Parish said:

"It is paradoxical that a government should build up such a deficit in a time of economic growth. If the economy takes a turn for the worse the UK will be severely hampered because of the Chancellor's reckless spending spree.

"The UK is constantly lecturing the rest of Europe about the need for economic reform and fiscal prudence. It's time the Labour government begins to practise what they preach and get a grip on the public purse before they bankrupt Britain.

"Any borrowing now will surely have to be paid for by tax increases in the future. Our hardworking families will be forced to pick up the tab for the Government's profligacy."