EU tells Britain to cut deficit faster, says growth forecast is too optimistic

EU tells Britain to cut deficit faster

BRUSSELS — The European Union’s executive has told Britain to speed up its deficit cuts, warning that the government is too optimistic about economic growth.

A European Commission report published Wednesday says Britain is currently ignoring a 2014/2015 deadline set by other EU nations to bring its deficit down to an EU target of 3 percent of gross domestic product.

This is the longest deadline for any EU government. Most plan to reduce deficits by 2012.

British Treasury chief Alistair Darling says Britain would tip back into recession if it followed the budget cuts the EU recommends.