A ‘benign’ Brexit forecast from the IMF?
Given the grim protestations of the IMF prior to Brexit some might be surprised to see the forecaster’s view on the UK economy post the referendum.
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The International Monetary Fund has warned the UK not to make further tax cuts – describing the Treasury’s spending plans for this year as unrealistic. The IMF has advised the Chancellor Jeremy Hunt to prioritise vital services like the NHS and education instead of tax giveaways.
The UK is set to be one of the world’s worst performing major economies this year, according to the International Monetary Fund.
We spoke to Jacob Rees-Mogg, who was Business Secretary last year during Liz Truss’s time as Prime Minister, and asked him what he thinks of the IMF’s predictions for the UK.
Our economics reporter, Neil Macdonald, crunches the IMF’s updated economic projections.
The UK is on course to be the world’s worst-performing major economy this year, according to updated predictions from the International Monetary Fund – which puts at least part of the blame on higher taxes and interest rates.
The IMF says “the worst is yet to come” – and if that sounds like a tagline from a disaster movie that’s about the right mood. The IMF thinks more than a third of the global economy will shrink either this year or next. Everyone is taking a hit from the Russian invasion of Ukraine, the cost of living crisis and a slowdown in China driven by its Covid lockdown policies.
Spiralling energy prices are hitting economic growth across the world – with the IMF warning the global economy is teetering on the edge of recession.
The International Monetary Fund has downgraded its outlook for the UK economy, although Britain remains one of the fastest growing countries in the world.
As unemployment rises in the UK, the IMF is warning about the hit to living standards worldwide.
Leaving the European Union without a Brexit deal could have “dire consequences” for the British economy, the International Monetary Fund has warned.
Inflation has been on the rise while wages are being squeezed, and now there’s even more gloomy news for the British economy. The IMF has slashed its growth forecast for the year in its first downgrade since the Brexit vote, blaming the UK’s “tepid” performance in the first three months of the year.
Given the grim protestations of the IMF prior to Brexit some might be surprised to see the forecaster’s view on the UK economy post the referendum.
The levels of economic pain and dysfunctional borrowing set to be inflicted on Greece mean that at some point public opinion will flip.
The IMF like their emergency economic plans from debtor countries pretty heavy on the spending cuts, light on the tax rises. The Tsipras plan was the very opposite.
The break-up of the Eurozone will lead to the sort of “nationalisms” seen in the run up to the Second World War, Greece’s top negotiator Euclid Tsakalotos tells Channel 4 News.