council opinion march updat converg programm unit kingdom council european union regard treati establish european commun regard council regul ec juli strengthen surveil budgetari posit surveil coordin econom polici articl thereof regard recommend commiss consult econom financi committe deliv opinion march council examin updat converg programm unit kingdom cover period programm compli partli data requir revis quot code conduct content format stabil converg programm quot data relat total expenditur revenu base esa compon differ aggreg method harmonis measur balanc affect updat continu treat receipt sale umt spectrum annual incom stream sale asset unit kingdom invit achiev full complianc data requir programm scenario macroeconom budgetari project central macroeconom scenario lower growth scenario base assumpt trend growth quarter percentag point weaker central forecast underli public financ project lower growth scenario consid refer assess budgetari project reflect broadli plausibl assumpt scenario envisag real gdp growth slightli lower growth slow basi inform gdp growth slower forecast medium term trend growth assumpt underli public financ project prove cautiou estim programm project inflat realist uk fiscal polici framework base domest fiscal polici rule public sector quot golden rule quot aim ensur econom cycl govern borrow financ net invest fund current expenditur quot sustain invest rule quot aim public sector net debt quot stabl prudent level quot gdp cycl framework updat programm project reduct deficit estim gdp financi year refer financi year refer period assess uk public financ stabil growth pact updat project gradual reduct deficit medium term level expenditur ratio continu increas line govern polici prioriti expect increas revenu ratio realis lead improv gener govern balanc level expenditur signific programm public invest implement aim lift gener govern net invest gdp rel updat deficit project financi year revis upward medium term project contain updat repres slightli rapid consolid public financ previou updat clear risk budgetari outcom wors project programm short term short medium term risk present extent recoveri corpor tax continu period slower project expenditur growth govern depart adjust tighter budget make accumul unspent balanc neg risk counter cautiou macroeconom project view risk assess budgetari stanc programm provid suffici safeti margin breach gdp deficit threshold histor macroeconom fluctuat point project period decreas volatil uk economi recent year cautiou approach growth assumpt underli public financ project risk appear small outer year insuffici ensur stabil growth pact medium term object budgetari posit close balanc achiev time note debt ratio low project balanc affect implement mention signific programm public invest gross debt ratio estim reach gdp gdp treati refer programm project debt ratio increas modestli percentag point period uk appear favour posit regard long term sustain public financ project budgetari cost ag popul low debt gdp ratio strong emphasi uk author exist polici long term sustain public financ posit regard higher ag relat expenditur exclud possibl insuffici provis privat pension implic public financ author introduc pension protect fund april protect member privat defin benefit scheme sponsor firm insolv insuffici asset scheme meet liabil measur effect test uk low tax ratio eas accommod imbal aris longer term econom polici outlin programm partli consist countri specif recommend public financ address uk updat bepg uk recommend quot endeavour avoid occurr excess deficit improv cyclic adjust posit consolid public financ consist budgetari posit close balanc surplu medium term quot clear risk budgetari outcom wors project programm short term plan slight expansionari stanc fiscal stanc medium term fulli line recommend bepg view assess council opinion unit kingdom ensur deficit gdp line plan ii improv cyclic adjust posit ensur budgetari posit close balanc surplu achiev maintain medium term comparison kei macroeconom budgetari project converg programm cp commiss servic autumn econom forecast commiss servic calcul headlin macroeconom forecast real gdp headlin forecast chang cp cp hicp inflat cp cp macroeconom forecast underli public financ real gdp public financ chang cp cp hicp inflat cp cp gener govern balanc gdp cp cp primari balanc gdp cp cp cyclic adjust balanc gdp cp cp govern gross debt gdp cp cp oj document refer text found websit http europa eu int comm economi financ activ sgp main en htm uk author provid help explan data technic discuss commiss technic explan refer updat programm consid broadli compliant data requir revis quot code conduct content format stabil converg programm quot