The International Monetary Fund faced a backlash yesterday after warning Jeremy Hunt that his tax cuts were likely to push up debt.
In a report, the IMF said the cut could 'worsen the debt trajectory in the medium term' - meaning the Chancellor would fail to meet the Government's own target for cutting debt. They advised against the cut and said that the Government should spend more money on the NHS and the transition to net zero.
Calculations by the IMF show the UK's ratio of debt to national output on a rising trajectory from 92.9 per cent in 2024 to 98 per cent over the next five years.
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