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EU warns UK to cut budget deficit

The European Union's Economic and Monetary Affairs Commissioner has today warned the incoming UK government that the budget deficit and national debt will need to be addressed sooner rather than later. It is forecast that the UK budget deficit for this year will be 12% of GDP which is four times the euro zone limit of 3%. It is also forecast that UK national debt will be 87% of GDP next year which in itself is a very worrying figure.

The Conservative party has taken on board the comments by the European Union and used them as further ammunition to attack Gordon Brown's economic policy just hours before the country goes to the polls. Only a few months ago Gordon Brown was being hailed as the hero of Europe after his revolutionary banking bailout plan but today he has few friends and more enemies than ever before within Europe.

The political career of Gordon Brown perfectly reflects how one day you are the hero and the next day you are zero. In hindsight, Gordon Brown has received some terrible treatment at the hands of his European counterparts who seem to hide behind the euro zone, the euro and the EU flag.

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