Business · Economy · 1 hr ago
IMF projects UK to have lowest G7 borrowing by 2031
The IMF projects the UK will have the G7’s lowest annual borrowing by 2031.
The G7 includes Canada, France, Germany, Italy, Japan, the UK and the United States.
The IMF says the UK is doing better than other major economies at addressing borrowing, alongside India.
Former Bank of England deputy governor Howard Davies says the UK’s government majority and its commitment to tackling borrowing help explain the projection.
That effort may mean tax rises, public service cuts, or both, he says.
The IMF also expects the UK to have the joint second-fastest growth in the G7 this year, alongside Germany.
Davies cautions that this growth is still slow, partly because some other economies are doing worse.
The IMF projects that the UK will have the lowest annual borrowing among G7 countries by 2031.
It said the UK stands out, alongside India, in addressing borrowing.
Former Bank of England deputy governor Sir Howard Davies said the UK’s government majority and commitment to tackling borrowing help explain the projection.
He said the government is expected to act through tax rises, public service cuts, or a mix of both.
The IMF also expects the UK to have the G7’s second-fastest economic growth this year, alongside Germany.
- Who
- The IMF made the projection. Sir Howard Davies commented on the reasons for it.
- What
- The UK is projected to have the G7’s lowest annual borrowing by 2031.
- When
- By 2031.
- Where
- The United Kingdom.
- Why
- Davies said the UK has a government with a majority that is committed to tackling borrowing.
This story does not have two clearly opposing sides.
This story does not have a timeline yet.
- Projection year
- 2031
- G7 borrowing rank
- Lowest annual borrowing
- UK growth forecast
- Second-fastest in the G7 this year, alongside Germany
- UK government
- Has a majority, according to Sir Howard Davies
What people are saying
basically stands out, along with India
So, we [the UK] are not great students, but we look somewhat better than some of the others we are sharing the class with
We're still growing slowly. It's almost like saying we're winning a slow bicycle race here because other people are going backwards a bit more rapidly than we are.
Sources
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