UK Treasury minister rejects IMF concern over tax-cutting budget

UK Treasury minister rejects IMF concern over tax-cutting budget By Reuters

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Economy 20 minutes ago (Sep 29, 2022 02:56AM ET)

(C) Reuters. FILE PHOTO: Chief Secretary to the Treasury Chris Philp walks outside Treasury building, in London, Britain September 7, 2022. REUTERS/Hannah Mckay

LONDON (Reuters) -Chris Philp, Britain’s chief secretary to the Treasury, said he disagreed with concerns raised by the International Monetary Fund about the government’s tax-cutting budget that has roiled markets, saying it would lead to long-term economic growth.

“I saw the IMF comments. I respectfully disagree,” he told Sky News.

Finance minister Kwasi Kwarteng sparked turmoil in financial markets last week when he delivered a plan to cut taxes without detailing the impact on the public finances or how the government would reform the economy to spur growth.

The pound sank and British government bond yields soared, forcing the BoE to revive its bond-buying programme in an emergency move on Wednesday to shore up pension funds.

Philp said the government would stick to its plan to hold a fuller fiscal announcement on Nov. 23, when it will set out further details on how it will cut debt.

Asked if the government regretted its handling of the economy, Philp said interest rates had been rising around the world in response to Russia’s invasion of Ukraine.

UK Treasury minister rejects IMF concern over tax-cutting budget

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