EU says UK's finances are a serious concern

BRITAIN&rsquo;S deteriorating public finances pose a serious concern after billions of pounds were spent on boosting the economy, the European Commission (EC) said yesterday.<br /><br />Along with Ireland, Greece, Latvia, and Spain, &ldquo;the possible continuing effects of the crisis on the budgetary position and on medium-term growth are a serious concern for the UK&rdquo;, the EC said in its 2009 Sustainability Report.<br /><br />The report added that reducing the primary&nbsp; deficit would lower the&nbsp; severe risks to the long-term sustainability of the public finances. <br /><br />Shadow chief secretary to the Treasury, Philip Hammond, said: &ldquo;This is further evidence of the extent of the debt crisis and shows why we need a clear and credible plan to start reducing Britain&rsquo;s deficit now.&rdquo;