The International Monetary Fund (IMF) has just published its revised “World Economic Outlook” forecasts for this month. UK growth in 2024 is projected to sit at 0.6%, an unchanged figure, with only Germany performing worse. The Krauts have received a 0.4% downgrade compared to the October forecasts – leaving their 2024 growth projected at 0.5%. It’s neck and neck between us and our sluggish friends on the continent…

UK growth projections have been downgraded for 2025 by 0.4% to a total of 1.6%. The IMF have done this to reflect what they call “recent upward statistical revisions” during the pandemic from the ONS. The IMF is now saying it “advises against further tax cuts” to preserve “high quality public services” – proving it doesn’t use them. These IMF projections, as usual, need to be taken with an enormous pinch of salt – they are notoriously pessimistic in their forecasts and have falsely predicted UK recessions a fair few times. The doomsters’ soothsaying should not be a reason to abandon tax cuts…