IMF Advises UK Against Bank and Labor Tax Hikes
The International Monetary Fund advised British finance minister John Healey to focus on property tax reform and spending cuts rather than raising taxes on banks or workers. The Fund praised UK fiscal policy but warned that tax revenues have reached historic highs.
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The International Monetary Fund urged the United Kingdom on Friday morning to avoid raising bank and labor taxes in the upcoming annual budget. British tax revenue has risen to 40% of the economy, reaching historic highs. Investors tracking GBP/USD face renewed fiscal uncertainty ahead of the October 28 announcements.
