Decision 2007/738 - 2007/738/EC: Council Decision of 9 October 2007 abrogating Decision 2006/125/EC on the existence of an excessive deficit in the United Kingdom
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official title
2007/738/EC: Council Decision of 9 October 2007 abrogating Decision 2006/125/EC on the existence of an excessive deficit in the United KingdomLegal instrument | Decision |
---|---|
Number legal act | Decision 2007/738 |
Original proposal | SEC(2007)1155 ![]() |
CELEX number78 | 32007D0738 |
Document | 09-10-2007 |
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Publication in Official Journal | 17-11-2007; OJ L 300 p. 49-50 |
Effect | 17-11-2007; Takes effect Date notif. |
End of validity | 31-12-9999 |
Notification | 17-11-2007; {titleAndReference.draft.disclaimer.new|http://publications.europa.eu/resource/authority/fd_365/titleAndReference.draft.disclaimer.new} |
17.11.2007 |
EN |
Official Journal of the European Union |
L 300/49 |
COUNCIL DECISION
of 9 October 2007
abrogating Decision 2006/125/EC on the existence of an excessive deficit in the United Kingdom
(2007/738/EC)
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty establishing the European Community, and in particular Article 104(12) thereof,
Having regard to the recommendation from the Commission,
Whereas:
(1) |
In its Decision 2006/125/EC (1), following a recommendation from the Commission in accordance with Article 104(6) of the Treaty, the Council decided that an excessive deficit existed in the United Kingdom. The Council noted that in financial year 2004/2005 (2) the general government deficit was 3,2 % of GDP, above the 3 % of GDP Treaty reference value, while general government gross debt stood at 40,8 % of GDP, well below the 60 % of GDP Treaty reference value. |
(2) |
On 24 January 2006, in accordance with Article 104(7) of the Treaty and Article 3(4) of Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure (3), the Council made, based on a recommendation from the Commission, a recommendation addressed to the United Kingdom that the excessive deficit situation should be brought to an end by 2006/2007 at the latest. The recommendation was made public. |
(3) |
In accordance with Article 104(12) of the Treaty, a Council Decision on the existence of an excessive deficit is to be abrogated when the excessive deficit in the Member State concerned has, in the view of the Council, been corrected. |
(4) |
In accordance with the Protocol on the excessive deficit procedure annexed to the Treaty, the Commission provides the data for the implementation of the procedure. As part of the application of this Protocol, Member States are to notify data on government deficits and debt and other associated variables twice a year, namely before 1 April and before 1 October, in accordance with Article 4 of Council Regulation (EC) No 3605/93 of 22 November 1993 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community (4). In view of the fact that the data notified in March 2007 for budgetary year 2006/2007 were government projections, the United Kingdom submitted in the context of its excessive deficit procedure a supplementary notification. This, received on 16 July 2007, reports actual outturns for 2006/2007, which has enabled the Commission to assess budgetary developments in the United Kingdom relative to the Council recommendation on bringing the excessive deficit situation to an end by 2006/2007 at the latest. |
(5) |
Based on data provided by the Commission (Eurostat) in accordance with Article 8g(1) of Regulation (EC) No 3605/93 following the notification by the United Kingdom on 16 July 2007 and on the Commission services' spring 2007 forecast, the following conclusions are warranted:
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- 1.SEC(2005) 1144. All EDP-related documents for the United Kingdom can be found at the following website: ec.europa.eu/economy_finance/about/activities/sgp
- 2.OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Regulation (EC) No 2103/2005 (OJ L 337, 22.12.2005, p. 1).
- 3.OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Regulation (EC) No 2103/2005 (OJ L 337, 22.12.2005, p. 1).
- 4.The most recent notification of the United Kingdom can be found at:
- 5.SEC(2005) 1144. All EDP-related documents for the United Kingdom can be found at the following website: ec.europa.eu/economy_finance/about/activities/sgp
- 6.OJ L 51, 22.2.2006, p. 14.
- 7.SEC(2006) 1159.
- 8.SEC(2006) 1159.
- 9.SEC(2006) 1159.
- 10.Commission services' estimate (cf. fn. 9).
- 11.The upward revision in the deficit figure reflects the reclassification of proceeds on disposals of social housing from revenue to disposal of equity.
- 12.Estimated by the Commission services, applying the common methodology on estimating output gaps.
- 13.Following the restructuring of the nuclear energy sector, which led to the transfer to central government of assets held by a public corporation, the United Kingdom's Office for National Statistics classified the transfer in respect of central government as a deficit-reducing flow, valued at 0.3% of GDP in 2005/2006.
- 14.Data provided by the Commission (Eurostat) (cf. Eurostat News Release No 113 of 17 August 2007) following the reporting by the United Kingdom in July 2007, in accordance with Council Regulation (EC) No 3605/93. Deficit ratios are usually revised
- 15.Commission services' estimate (cf. fn. 9).
- 16.OJ C 72, 29.3.2007, p. 20.
- 17.OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Regulation (EC) No 2103/2005 (OJ L 337, 22.12.2005, p. 1).
- 18.The most recent notification of the United Kingdom can be found at:
- 19.OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Regulation (EC) No 2103/2005 (OJ L 337, 22.12.2005, p. 1).
- 20.SEC(2005) 1144. All EDP-related documents for the United Kingdom can be found at the following website: ec.europa.eu/economy_finance/about/activities/sgp
- 21.SEC(2005) 1144. All EDP-related documents for the United Kingdom can be found at the following website: ec.europa.eu/economy_finance/about/activities/sgp
- 22.OJ L 209, 2.8.1997, p. 6. Regulation as amended by Regulation (EC) No 1056/2005 (OJ L 174, 7.7.2005, p. 5).
- 23.SEC(2005) 1144. All EDP-related documents for the United Kingdom can be found at the following website: ec.europa.eu/economy_finance/about/activities/sgp
- 24.SEC(2005) 1144. All EDP-related documents for the United Kingdom can be found at the following website: ec.europa.eu/economy_finance/about/activities/sgp
- 25.OJ L 51, 22.2.2006, p. 14.
- 26.OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Regulation (EC) No 2103/2005 (OJ L 337, 22.12.2005, p. 1).
- 27.The most recent notification of the United Kingdom can be found at:
- 28.SEC(2005) 1144. All EDP-related documents for the United Kingdom can be found at the following website: ec.europa.eu/economy_finance/about/activities/sgp
- 29.All United Kingdom general government balance data referred to in this Communication apply the Eurostat decision of 14 July 2000 on the allocation of UMTS receipts. The United Kingdom has generally not applied this decision in domestic publication of its public finance data, which results in a general government deficit measured on a Eurostat basis being around 0.1 percentage point of GDP per annum higher than reported in national accounts published by the United
- 30.OJ L 51, 22.2.2006, p. 14.
- 31.Commission services' estimate (cf. fn. 9).
- 32.OJ L 51, 22.2.2006, p. 14.
- 33.OJ L 51, 22.2.2006, p. 14.
- 34.According to Council Regulation (EC) No 1467/97, the relevant budgetary data for the United Kingdom are established in budgetary year (i.e. financial year) terms, running from 1 April to 31 March.
- 35.SEC(2006) 1159.
- 36.SEC(2005) 1144. All EDP-related documents for the United Kingdom can be found at the following website: ec.europa.eu/economy_finance/about/activities/sgp
- 37.OJ L 209, 2.8.1997, p. 6. Regulation as amended by Regulation (EC) No 1056/2005 (OJ L 174, 7.7.2005, p. 5).
- 38.Commission services' estimate (cf. fn. 9).
- 39.OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Regulation (EC) No 2103/2005 (OJ L 337, 22.12.2005, p. 1).
- 40.OJ L 209, 2.8.1997, p. 6. Regulation as amended by Regulation (EC) No 1056/2005 (OJ L 174, 7.7.2005, p. 5).
- 41.SEC(2005) 1144. All EDP-related documents for the United Kingdom can be found at the following website: ec.europa.eu/economy_finance/about/activities/sgp
- 42.OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Regulation (EC) No 2103/2005 (OJ L 337, 22.12.2005, p.
1).
- 43.OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Regulation (EC) No 2103/2005 (OJ L 337, 22.12.2005, p.
1).
- 44.The most recent notification of the United Kingdom can be found at:
- 45.SEC(2005) 1144. All EDP-related documents for the United Kingdom can be found at the following website: ec.europa.eu/economy_finance/about/activities/sgp
- 46.OJ L 51, 22.2.2006, p. 14.
- 47.SEC(2006) 1159.
- 48.SEC(2006) 1159.
- 49.SEC(2006) 1159.
- 50.Commission services' estimate (cf. fn.
9).
- 51.The upward revision in the deficit figure reflects the reclassification of proceeds on disposals of social housing from revenue to disposal of equity.
- 52.Estimated by the Commission services, applying the common methodology on estimating output gaps.
- 53.Following the restructuring of the nuclear energy sector, which led to the transfer to central government of assets held by a public corporation, the United Kingdom's Office for National Statistics classified the transfer in respect of central government as a deficit-reducing flow, valued at 0.3% of GDP in 2005/2006.
- 54.Data provided by the Commission (Eurostat) (cf. Eurostat News Release No 113 of 17 August 2007) following the reporting by the United Kingdom in July 2007, in accordance with Council Regulation (EC) No 3605/93. Deficit ratios are usually revised
- 55.Commission services' estimate (cf. fn.
9).
- 56.OJ C 72, 29.3.2007, p. 20.
- 57.OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Regulation (EC) No 2103/2005 (OJ L 337, 22.12.2005, p.
1).
- 58.The most recent notification of the United Kingdom can be found at:
- 59.SEC(2005) 1144. All EDP-related documents for the United Kingdom can be found at the following website: ec.europa.eu/economy_finance/about/activities/sgp
- 60.OJ L 209, 2.8.1997, p. 6. Regulation as amended by Regulation (EC) No 1056/2005 (OJ L 174, 7.7.2005, p.
5).
- 61.SEC(2005) 1144. All EDP-related documents for the United Kingdom can be found at the following website: ec.europa.eu/economy_finance/about/activities/sgp
- 62.OJ L 51, 22.2.2006, p. 14.
- 63.OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Regulation (EC) No 2103/2005 (OJ L 337, 22.12.2005, p.
1).
- 64.The most recent notification of the United Kingdom can be found at:
- 65.SEC(2005) 1144. All EDP-related documents for the United Kingdom can be found at the following website: ec.europa.eu/economy_finance/about/activities/sgp
- 66.All United Kingdom general government balance data referred to in this Communication apply the Eurostat decision of 14 July 2000 on the allocation of UMTS receipts. The United Kingdom has generally not applied this decision in domestic publication of its public finance data, which results in a general government deficit measured on a Eurostat basis being around 0.1 percentage point of GDP per annum higher than reported in national accounts published by the United
- 67.OJ L 51, 22.2.2006, p. 14.
- 68.Commission services' estimate (cf. fn.
9).
- 69.OJ L 51, 22.2.2006, p. 14.
- 70.OJ L 51, 22.2.2006, p. 14.
- 71.According to Council Regulation (EC) No 1467/97, the relevant budgetary data for the United Kingdom are established in budgetary year (i.e. financial year) terms, running from 1 April to 31 March.
- 72.SEC(2006) 1159.
- 73.SEC(2005) 1144. All EDP-related documents for the United Kingdom can be found at the following website: ec.europa.eu/economy_finance/about/activities/sgp
- 74.OJ L 209, 2.8.1997, p. 6. Regulation as amended by Regulation (EC) No 1056/2005 (OJ L 174, 7.7.2005, p.
5).
- 75.Commission services' estimate (cf. fn.
9).
- 76.OJ L 332, 31.12.1993, p. 7. Regulation as last amended by Regulation (EC) No 2103/2005 (OJ L 337, 22.12.2005,
- 77.OJ L 209, 2.8.1997, p. 6. Regulation as amended by Regulation (EC) No 1056/2005 (OJ L 174, 7.7.2005, p.
5).
- 78.Deze databank van de Europese Unie biedt de mogelijkheid de actuele werkzaamheden (workflow) van de Europese instellingen (Europees Parlement, Raad, ESC, Comité van de Regio's, Europese Centrale Bank, Hof van Justitie enz.) te volgen. EURlex volgt alle voorstellen (zoals wetgevende en begrotingsdossiers) en mededelingen van de Commissie, vanaf het moment dat ze aan de Raad of het Europees Parlement worden voorgelegd.
- 79.EUR-lex provides an overview of the proposal, amendments, citations and legality.