IMF Calls for UK Spending Cuts and Tax Reform
The International Monetary Fund has called on the British government to cut public spending and reform the tax system to achieve fiscal stability, instead of imposing additional taxes on banks. It confirmed that current taxes account for about 40% of GDP and that increasing taxes on expectations could become ineffective over time, suggesting that improving property taxes and value-added tax (VAT) are options for increasing revenue, along with working to reduce spending through a review of the pension system and better targeting of social assistance.
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