The European Union uses National Accounts data for a number of administrative and economic purposes. Gross National Income (GNI), calculated in accordance with the European System of Accounts 1995 (ESA95), is used to set a ceiling on the EU budget and to calculate part of Member States contributions to the budget.
Table 12.1 (154 Kb Pdf)
shows payments flowing between the European Union and the UK. The first part of the table shows the payments flowing into the UK in the form of European Union expenditure. The second part of the table shows the UK contribution to the EU budget, which depends on UK Gross National Income (GNI).
The convergence criteria for Economic and Monetary Union (EMU) are set out in the 1992 Treaty on European Union (The Maastricht Treaty). The Treaty, plus the Stability and Growth Pact, required Member States to avoid excessive government deficits - defined as general government net borrowing and gross debt as a percentage of GDP.
Member States report their planned and actual deficits and the levels of their debt, to the European Commission. Data to monitor excessive deficits are supplied in accordance with EU legislation.
The Treaty does not determine what constitutes ‘excessive’. This is agreed by the Economic and Finance Council (ECOFIN).
The UK submitted the estimates in the table below to the European Commission in June 2013.
|General government deficit|
|Net borrowing (£ billion)||162.7||141.3||117.8||87.1|
|As a percentage of GDP||11.4||9.4||7.6||5.6|
|General government debt|
|Debt at nominal value (£ billion)||1,046.3||1,185.6||1,315.5||1,385.7|
|As a percentage of GDP||73.1||78.9||85.2||88.4|
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These National Statistics are produced to high professional standards and released according to the arrangements approved by the UK Statistics Authority.
Excel versions of Chapter 12 tables