IMF backs UK plan for $65b of budget tightening


The International Monetary Fund’s managing director, Kristalina Georgieva, said she had spoken with British finance minister Jeremy Hunt on Friday to welcome his latest plan for 55 billion pounds ($65 billion) of budget tightening.

”It strikes the right balance between fiscal responsibility and protecting growth and vulnerable households,” Georgieva said in a brief statement on social media.

The IMF had criticised Hunt’s predecessor, Kwasi Kwarteng, for previous budget plans in September which included 45 billion pounds of unfunded tax cuts.

Those plans led to market turmoil, pushing sterling to a record low against the U.S. dollar, forcing the BoE to intervene in the bond market.—Zawya News


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