IMF agrees with Britains austerity measures, recommends tax cuts
Osborne reduced the countrys budget by about $150 billion (GBP 100 billion) spread over four years to reduce Britains structural deficit by the end of 2014-15.
London, England, United Kingdom
June 6, 2011 09:46 pm EDT
Politics, International Organization, Economy, Business And Finance, Macro Economics, Budgets And Budgeting, Politics, Government, National Government
The International Monetary Fund gave its stamp of approval on Monday to British Chancellor George Osborne’s austerity measures, but recommended that Britain cut on some taxes to boost the country’s economy.
John Lipsky, the acting managing director of IMF, said that it would be in the interest of the global community that the U.K.’s financial system would stabilize. To achieve that goal, Britain needs close supervision from the fund because of weaker-than-expected economic growth and the rise in inflation rate.
Among the measures that Lipsky proposed is for Osborne to make temporary tax cuts to help low-income British families recover from high unemployment rate and the slow economic recovery.
Because of the slow recovery, the IMF cut again its growth forecast for Britain to 1.5 percent on Monday from 2.5 percent in April. Lipsky explained the lower gross domestic product growth prediction to inflation rate likely hovering above 4 percent for the rest of 2010 before it would slowly settle down to the 2 percent target of the Bank of England.
Osborne reduced the country’s budget by about $150 billion (GBP 100 billion) spread over four years to reduce Britain’s structural deficit by the end of 2014-15.
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