Global lending agency, the International Monetary Fund, has joined UK economists and opposition MPs, by calling into question Gordon Brown's growth estimates for the next year, as set out in his pre-Budget report.
Link: LibDems accuse Brown of ‘fudging’ figures
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.
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