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Imf warns britain to curb public spending { December 19 2003 } Original Source Link: (May no longer be active)    http://www.busrep.co.za/index.php?fSectionId=565&fArticleId=312491 http://www.busrep.co.za/index.php?fSectionId=565&fArticleId=312491 INTERNATIONAL IMF warns Britain to curb public spending December 19, 2003 By AFP London - The International Monetary Fund has called on Britain to rein in public spending, warning of "significant risks" to the Labour government's projections of a turnaround in the public finances. In its annual report on the British economy, the IMF noted that "growth has been resilient", according to excerpts released by the country's Treasury. But it also sounded a warning over Chancellor of the Exchequer Gordon Brown's forecasts in his pre-budget report (PBR) last week that net public borrowing would ease after hitting £37 billion (R433 billion) in the current fiscal year. "The PBR sees a turnaround in the public finances even in the absence of policy actions. We see significant risks to these projections," the report said. Under current policies the IMF sees only a "small improvement" in the deficit. It recommended "moderating the growth of spending in areas where current plans involve sharp increases, with associated risk of inefficiencies. "The expenditure policy framework has been strengthened, but it is not yet clear to what extent public spending is achieving the desired results with value for money," the IMF warned. The report is a blow to Brown and his Prime Minister Tony Blair, who are under pressure to produce visible improvements to the country's health and education systems to justify tax rises imposed since Labour swept to power in 1997. Brown forecast in last week's mini-budget that government borrowing would decline to £31 billion next year and £30 billion the year after as economic growth picks up. This year's projected £37 billion deficit would be equivalent to 3.4 percent of GDP, breaking the 3.0-percent limit enshrined in the European Union's 1997 Stability and Growth Pact. But Britain is not subject to sanctions if its deficit exceeds the ceiling because it has not adopted the euro. Even eurozone heavyweights such as France and Germany have been let off the hook recently despite repeatedly flouting the rules. - AFP

Bank of england leaves rate 4 5 in september 2005 { September 8 2005 } Bank of england raises rates first time four years Blair will take britain into euro by 2007 British bank acquires firm { November 15 2002 } British opposition to euro 45perc { May 20 2003 } British pound hits peak against dollar { June 2007 } British sterling pound is third most reserve currency Britons hate euro { July 31 2002 } Britons pile on credit card debt Dollar drops to 26 year low vs pound { June 2007 } Imf warns britain to curb public spending { December 19 2003 } Secrets of the bank of england revealed Sterling and gold surged highest levels decade { January 6 2004 } Files Listed: 13

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