IMF Warns Treasury Against Tax Cuts Ahead of Spring Budget

The International Monetary Fund (IMF) has warned that Britain cannot afford to cut taxes because it needs the money to preserve services and bring down the national debt. The organisation, comprised of 190 members countries, has published its economic outlook update on Tuesday. Commenting on the state of the economic growth in the UK, the IMF predicted a “moderate” rise to 0.6 percent this year. Next year’s projection showed a growth of 1.6 percent, placing Britain at the bottom of the G7 major economies, next to Germany and only ahead of Japan. The UK is said to be recovering slowly from the negative effects of high energy prices and persistent high inflation, which have stopped the government from announcing tax cuts in the past....