UK can't afford another fiscal rescue, warns IMF.Britain is the world's only leading economy unable to budget for any kind of economic rescue package next year, the International Monetary Fund has warned. In calculations that will spark further criticism over the state of the public finances, an IMF paper presented to world's leaders has laid bare how the UK's indebtedness has left it unable to provide the vital stimulus the economy could need over the next 18 months.
Every other G20 country apart from the UK and Argentina has been able to budget for temporary spending increases or tax cuts next year to help drag their economies out of recession, according to the paper, presented to a recent G20 meeting in Basel. Even Germany, whose finance minister Peer Steinbruck has accused the UK of "crass Keynesianism", plans to spend a full 2pc of its economic output on such measures next year.
Looks like we may get free markets after all. Though not the ones we were thinking of.
0 comments:
Post a Comment