The European Commission is to start disciplinary proceedings against the UK for breaching its economic rules.
It says Britain's budget deficit, the gap between what it spends and what it borrows, is growing too large.
The disciplinary proceedings are in effect a formal warning to curb borrowing, cut spending or both.
The UK cannot be fined as it is not in the Eurozone, but the launch of proceedings is unlikely to reflect well on the UK government.
It says it foresees a situation when Britain's deficit is over 3% of its GDP, breaching the rules on economic management set down in Europe's Growth and Stability pact.
The UK is the only EU country to face such a censure this year but warnings have been issued to France and Germany in the past, backed with the threat of fines.
So a well managed economy then?
