Vice president of the European Commission, Olli Rehn, has said today that the UK must continue down the road of its current fiscal policy.

He pointed to rising levels of debt and the damage that a fiscal stimulus package would cause, saying: “It is important that the UK follows through with consistent fiscal consoliation”.

He added that: “There is really no case for a discretionary fiscal loosening in the UK”.

The UK’s public debt is predicted to rise to near 100 percent during 2014 based on EU figures. The European Commission has placed a rise of 0.6 percent GDP for the UK economy in 2013, and 1.7 percent the following year.

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