IMF: Britain Should Cut Taxes

The Telegraph: IMF Tells George Osborne to Cut British Taxes

Some encouraging news finally came from the International Monetary Fund. A headline on All Headline News reads IMF agrees with Britain’s austerity measures, recommends tax cuts. According to AHN, "Because of the slow recovery, the IMF cut again its growth forecast for Britain to 1.5 percent on Monday from 2.5 percent in April." Obviously, that's the bad news. There was good news for the administration as well. Not only did IMF support a continuation of British austerity measures already in place, but to jump start the economy, they also urged tax cuts because they would be “faster to implement and more credibly temporary” than any move to increase public spending."

Chancellor George Osborne was urged by some to cut taxes in his March Budget for Growth that would echo the Thatcher tax cuts which spurred an economic boom. He was also warned against tax cuts by others. With the new IMF findings, Osborne will likely find the political courage to slash the tax after all.

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Posted by Nick Stone on 9:58 AM. Filed under Big Society, George Osborne, IMF, taxes, Tories, World . You can follow any responses to this entry through the RSS 2.0