If, as reported when Euromoney was going to press at the end of September, the European Commission was about to launch its Excessive Deficit Procedure (EDP) against the UK, it will demonstrate how the country’s public deficit problems cannot be disguised for much longer. According to Bank of America research, UK borrowing in the first five months of the 2005/06 financial year was £20.8 billion, higher than in the same period in any of the previous three years.
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