IMF says reduction in national insurance may have made cutting UK national debt more difficult
The IMF expects only a gradual improvement in the UK’s annual fiscal balance – the gap between public spending and state revenues.The IMF expects only a gradual improvement in the UK’s annual fiscal balance – the gap between public spending and state revenues.The International Monetary Fund has issued a strong warning to Britain and other countries facing elections this year to avoid voter giveaways that might pose risks to their public finances.
Hunt said he was able to cut taxes without breaking his rules for the public finances because the independent Office for Budget ResponsibilityThe OBR calculates its debt figures in a slightly different way to the IMF but both organisations say there has been a marked deterioration as a result of the support provided by the government to the economy during the coronavirus pandemic and after Russia’s invasion of Ukraine.
In a blog accompanying the fiscal monitor, fund officials said that, rather than contemplating tax cuts, most governments should instead be focused on rebuilding their public finances so that they were in a position to respond to further unexpected shocks.
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