The IMF forecasts UK growth for next year at between 2.25% and 2.5%, significantly lower than the 2.5% to 3.0% predicted by the chancellor in his speech. He put GDP growth at between 3% and 3.5% the year after.
Worryingly for the chancellor, the IMF said its figures were subject to ‘significant downside risk’.
If these predictions by the IMF prove to be true, Brown could be forced to raise taxes or cut spending plans in the years ahead.
During his speech two weeks ago, Brown spelt out borrowing figure for the next five consecutive years starting in 2002 as £20bn, £24bn, £19bn, £19bn and £20bn.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements