IMF issues damning verdict on UK tax cuts

According to a spokesman for the International Monetary Fund, the new economic measures introduced by the UK government “will likely increase inequality”.

Yuri Gripas | Reuters

LONDON – New economic measures introduced by the UK government “will likely increase inequality”, according to the International Monetary Fund.

While the financial package – included Huge tax cuts for Britain’s highest earners – aims to help families and businesses handling energy shockThe IMF “does not recommend large and untargeted fiscal packages at this time,” a spokesman said in a statement late Tuesday.

The organization also looked at the next full budget announcement, given by Finance Minister Kwasi Kwarteng on 23 November, saying it gives the UK government “an early opportunity … to see it.” consider ways to provide more targeted assistance and re-evaluate tax measures, especially those that benefit high-income earners.”

The “small budget” announced by the new UK government on Friday is a “new approach to a new era focused on growth”, according to Kwarteng, and includes the scrapping of the planned tax hike. businesses from 19% to 25% and removing the 45% Income Tax bracket paid for income over £150,000 ($160,000), bringing the top down to 40%.

UK monetary policy struggles to serve competitive purposes

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