Archive · 12 Oct 2026
Healey to Urge Major Economies to Control Borrowing
Governments are paying more to borrow money.
The article says worries about war-related inflation and high debt have pushed borrowing costs up.
When governments pay more interest, they have less money for other things.
At meetings in Bangkok, UK finance minister John Healey plans to urge countries to keep their borrowing under control.
Officials will also discuss energy prices and inflation.
Healey has to make choices before Britain’s October 28 budget.
A UK think tank estimates that £36 billion in tax rises may be needed to cover budget pressures and extra defence spending.
The government says it wants to support people and businesses while keeping borrowing in check.
UK finance minister John Healey will urge major economies to adopt credible plans to control government borrowing at the IMF’s annual meetings.
The meetings, held in Bangkok this week, are expected to address the Middle East conflict’s effects on energy prices and inflation.
Government borrowing costs in major economies rose to their highest levels in decades last week, amid inflation concerns, high public debt and possible higher interest rates.
Healey is due to meet Ukrainian Finance Minister Sergii Marchenko and other counterparts to discuss economic resilience.
Ahead of Britain’s October 28 budget, the Institute for Fiscal Studies estimates Healey may need £36 billion in tax rises to offset inflation’s impact on budgets and fund additional defence spending.
- Who
- UK finance minister John Healey and finance ministers and central bank chiefs attending the IMF and World Bank annual meetings.
- What
- Healey will urge major economies to strengthen public finances and bring government borrowing under control.
- When
- At the annual meetings this week, ahead of Britain’s October 28 budget.
- Where
- The annual meetings are being held in Bangkok.
- Why
- Rising borrowing costs, inflation risks linked to the US-Iran war, and spending pressures are making it harder for governments to keep public finances sustainable.
- UK finance minister
- John Healey
- Meeting venue
- Bangkok
- UK budget date
- October 28
- Estimated tax rise need
- £36 billion, according to the Institute for Fiscal Studies
- Equivalent income tax change
- The think tank said £36 billion would equal a three-percentage-point increase in the main income tax rate.
- Other spending pressures
- Higher defence spending and measures to reduce energy costs
- Borrowing cost trend
- Costs in major economies reached their highest levels in decades last week, according to the article.