Britain’s government should refrain from making further tax cuts given the long-term strains on the country’s public finances, the chief economist of the International Monetary Fund (IMF) said on Tuesday.
Pierre-Olivier Gourinchas said Britain faced big spending demands to fund health and social care and the country’s transition to net zero while it also needed to keep debt contained.
“In that context, we would advise against further discretionary tax cuts,” Gourinchas told reporters in Johannesburg after the IMF published updated forecasts for the global economy.
reached $415.4 million.
British Prime Minister Rishi Sunak and his finance minister Jeremy Hunt have suggested they will cut taxes further, possibly as early as a March 6 budget statement. Sunak’s Conservative Party is trailing the opposition Labour Party in opinion polls with a national election expected to take place later this year.
The Biden administration is rolling out new recordkeeping rules for U.S. investment advisers in its continued effort to clamp down on money laundering, illicit finance and fraud in the American financial
The competition to select a city to host the new EU Anti-Money Laundering Agency (AMLA) is to get under way in Brussels, with Dublin in contention along with eight other cities. Ireland is competing
The UK’s non-domiciled tax status faces scrutiny as Chancellor Hunt considers its abolition. Discover the controversies, financial implications, and potential outcomes of this policy debate. The
US lending giants Fannie Mae and Freddie Mac have been instructed to prepare their businesses to consider cryptocurrency as an asset in mortgage applications. Two of the largest government-backed mortgage