The latest IMF forecasts, showing Britain to be the only major economy facing a shrink in GDP next year, no doubt proves a major headache for the government. Somehow Britain falls behind even Russia, a country facing major economic sanctions from almost every single major economy. The IMF largely attributes this diagnosis to high taxes, despite condemning Liz Truss last year for attempting to cut taxes and go for growth. Ever get the feeling the UK can’t win?
Naturally the projections from the IMF are being treated as if God personally inscribed them on a stone tablet and handed them down from on high. The IMF is at least consistent in getting predictions about the UK economy wrong…
Since 2016 the IMF has consistently underestimated UK GDP growth. Every single year. During an urgent question debate on the forecasts this afternoon, Michael Fabricant asked Treasury Minister James Cartlidge how many of the IMF’s recent predictions about the UK economy turned out to be inaccurate. Ask and you shall receive, Michael…
