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A new assessment of the action taken by the UK to correct the excessive deficit by 2014-2015 in response to the Council Recommendation under Article 126(7) of the TFEU of 2 December 2009, leads to the following conclusions: — The UK experienced a large fall in real GDP growth as a result of the global economic and financial crisis in 2008-2009 that also affected public finances. The general government deficit jumped to 10,9 % of GDP in 2009-2010. This was largely brought about by a drop in revenues and higher social security expenditure due to the contraction in economic activity, and stimulus measures announced by the government for 2009-2010. The UK implemented a consolidation plan which focussed mainly on spending cuts and put the deficit on a downward trajectory. — In 2010-2011, the general government deficit was 9,1 % of GDP. The measures implemented by the UK that year stem from the 2009 pre-budget report announced in December, the March budget and a second emergency budget in June following the general election. A Spending Review was also published in October 2010. Overall, measures were generally back-loaded and focussed on spending cuts over taxation increases. Over the period to 2014-2015, the March budgets, Autumn Statements and Spending Round did not change the original consolidation plans considerably. The programme, that was implemented over five years, focussed on considerable cuts to departmental spending, along with pay freezes and cuts to welfare spending. Overall, the main taxation measures announced comprised an increase in the standard VAT rate, the introduction of and increases in the bank levy, higher social insurance contributions, cuts to the corporate tax rate, increases in the personal income tax allowance, duty rate cuts and tax avoidance measures. From 2012-2013, the deficit figures also benefit from the dividend transfers from the Bank of England via the Asset Purchase Facility. Resulting from the implementation of the consolidation plans, the nominal deficit fell each year to 7,7 % of GDP in 2011-2012, to 7,6 % of GDP in 2012-2013, to 5,9 % of GDP in 2013-2014 and to 5,2 % of GDP in 2014-2015. The structural deficit was 7,0 % of GDP in 2010-2011, 5,9 % of GDP in both 2011-2012 and 2012-2013, 4,6 % of GDP in 2013-2014 and 4,7 % of GDP in 2014-2015. — The average structural effort amounted to 0,7 % of GDP between 2010-2011 and 2014-2015. When adjusted for the impact of revisions in potential output growth between the current forecast and that underlying the Council recommendation of 2 December 2009, as well as for the impact of revenue developments as compared to standard elasticities to GDP growth, the average annual adjusted structural effort over the period is estimated at 1,1 % of GDP, below the 1 % annual average fiscal effort recommended by the Council. — The estimated cumulative size of the discretionary consolidation measures set out between the Pre-budget Report 2009 and the Autumn Statement 2014 amounts to approximately 3,5 % of GDP between 2010-2011 and 2014-2015. — General government gross debt continued to increase over the EDP period reaching 88,4 % of GDP in 2014-2015. This worsening of the debt ratio was mainly driven by the headline deficit, but also by financial sector interventions.