carcrashsimulator| IMF warns that the UK Treasury needs another £ 30 billion to stabilize debt
The International Monetary Fund warnscarcrashsimulatorThe Treasury also needs 30 billion pounds ($38.2 billion) in savings to fill a budget gap to ease its debt burden, which will undermine Prime Minister Sunack's ambition to cut taxes before the next election.
The agency also raised its forecast for UK economic growth and predicted a "soft landing" for the economy. Even so, recommendations on the size of the UK budget gap highlight the huge pressures on public finances that are already struggling to cope with medical, defense and social care needs.
These numbers signal the next mess after the government is held before the end of January next year. With the ruling Conservative Party lagging behind in polls and tax burdens near their highest levels since World War II, British Chancellor of the Exchequer Hunt is looking for a "feel-good factor" that would give voters more confidence in their prospects.
"Stabilizing debt requires making a difficult choice," the IMF said in a report released in Washington on Tuesday.
IMF forecasts do not bind Hunt's hands. Any fiscal statement Hunter makes will be judged by the Office of Budget Responsibility based on his own debt rules. But IMF data shows fiscal consolidation of about 1% of GDP, or about £ 30 billion, is needed in the post-election budget to put debt on a downward trajectory within five years.
The IMF currently predicts that the UK economy will grow 0.0% this yearcarcrashsimulator.7%, higher than the previous estimate of 0.5%. The growth rate will rise to 1.5% by 2025, and its medium-term performance will outperform Germany and France. The premise is that the Bank of England cuts interest rates by 50 basis points to 4.75% this year and another one percentage point in 2025.
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