A London Based Digital Publication Covering Diplomatic & Business Activities Globally

Saturday, December 2, 2023

IMF warns Britain to support growth

IMF warns Britain to support growth(London) – The International Monetary Fund said Britain may need to further slow the pace of its tough austerity measures to lift the country’s growth amid the risk of a major eurozone “shock”. “Fiscal easing and further use of the government’s balance sheet should be considered if downside risks materialise and the recovery fails to take off,” said the fund’s annual report on Britain.
“If growth does not build momentum, planned fiscal adjustment would need to be reconsidered,” it added. The world’s seventh largest economy slipped back into recession at the end of last year but Prime Minister David Cameron has stood by tough austerity measures, albeit at a slower pace than before.
“Unfortunately economic recovery in the UK has not yet taken hold and stresses abound,” IMF managing director Christine Lagarde told reporters, warning of the risk that low growth could become “entrenched”.
Lagarde said Britain should “use its government budget and the extra favourable financial terms on which it borrows today to support growth.”
But, she said, “I shiver” to think of “what the situation would be now had not fiscal consolidation taken place” after May 2010, when the current Conservative-led coalition took power.

Latest Posts

Latest Posts

Stay in touch

To be updated with all the latest news, offers and special announcements.

RELATED ARTICLES

President of Turkey Tayyip Erdogan arrives in UAE for COP28 Summit

Turkish President Recep Tayyip Erdogan has arrived in the...

Sheikh Mohammad Bin Rashid greets world leaders at COP 28

Sheikh Mohammed bin Rashid meets global leaders at COP28....

Qatar’s Emir in UAE for COP28 participation.

Sheikh Tamim bin Hamad Al Thani, the Emir of...

Sheikh Hamdan Welcomes King of Bahrain at COP28

King Hamad bin Isa Al Khalifa of Bahrain arrives...

Crown Prince Sheikh Hamdan welcomes King of Jordan

King Abdullah II of Jordan arrives in Dubai for...

UAE leaders welcome King Charles in Dubai

His Highness President Sheikh Mohamed Bin Zayed Al Nahyan...

SHEIKH MANSOOR BIN ZAYED CHECKS COP28 PREPARATIONS

Sheikh Mansour bin Zayed Al Nahyan, Vice President and...

Gulf Air Renews MRO Collaboration with Joramco

Bahrain's national carrier, Gulf Air, has extended its maintenance,...

‘Shura Council Chairman Hails Bahrain-France Diplomatic Ties

Chairman of the Council of Shura: The fruitful partnerships...