IMF warns Britain economy faces tough decisions to stabilize public debt and boost growth. New Labour government must balance inve...
Britain, whose new Labour government has just taken office, is facing difficult choices due to its high level of public debt, the International Monetary Fund warned on Monday.
"Absent a substantial boost to potential growth, stabilizing public debt will require difficult tax and spending choices," the IMF said. Among the measures that could be taken to meet this dual challenge, the IMF pointed to the possibility of boosting government tax revenues through increases in a carbon tax, inheritance tax, property tax and a broadening of the VAT base.
The IMF confirmed that inflation is back on target, anticipating a slight rise to 2.5 percent by the end of the year, though this will only be temporary.
Britain's Economic Challenges UK Fiscal Policy IMF Article IV Consultation Britain's Public Debt UK Economic Growth
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