Brussels, 11/06/2008 (Agence Europe) - In adopting a report on the public finance situation in the United Kingdom (Article 104 §3 of the treaty), the Commission, on Wednesday 11 June, decided to initiate a fresh excessive deficit procedure against the UK. Over the year just past, the United Kingdom deficit came dangerously close to the Stability and Growth Pact (SGP) reference value. Despite sustained growth, the deficit rose from 2.6% in 2006-2007 to 2.9% of GDP in 2007-2008. The figures submitted by London in March project a British deficit of 3.2% of GDP for the 2008-2009 financial year. Although only just exceeding the 3% reference value, it cannot be described as exceptional or temporary, says the Commission, stating that there is, then, excessive deficit. In its own economic forecasts, it projected a 3.3% deficit for the 2008-2009 financial year and the one after. Public debt is expected to remain below the 60% of GDP reference value provided for in the EU Treaty, but it has been rising since 2001. It reached 43.8% of GDP in 2007 and is likely to rise to 45.6% in 2008, the Commission says. (A.B./transl.rt)