EC says Brown breaks pact - papers 8th April

The Daily Telegraph reports Brussels yesterday ordered the UK to reduce public borrowing below 3% of GDP in 2004 after its finances "deteriorated markedly" over the past two years. That said, the country is still forecast to grow almost twice as fast as the eurozone economy. The EC says the increased borrowing stems from costs incurred in the Iraq war and a slippage in tax revenue. While Britain may be faced with the same spending rules as eurozone members under the Maastricht Treaty, it cannot be fined for breaching the 3% limit until it signs up to the single currency. STAYING...