IMF Criticizes U.K. Tax Policies
By Bob
O.K., The title I really wanted to put up there was IMF gives Brown a smackdown, but that would be over the top. However, it is interesting to note this news article I saw about the IMF warning of tax increases have negative economic effects. Quote:
Though, to be honest, I can't find the actual report on the website so this will have to do.
Gordon Brown has lifted taxes to the highest level for more than 20 years, the International Monetary Fund declared yesterday.In a hard-hitting assessment, it said the Chancellor's record of hitting families with aggressive tax increases was putting the nation's economic future under threat.
The Washington-based group said taxes must not rise any further, otherwise businesses will be driven away and households could be put under intolerable pressure.
It also warned that property was overvalued and that there may soon be a slump in the housing market.
The IMF pointed out that Britain's tax to Gross Domestic Product ratio - an impor-tant measure of the tax burden - was now at almost 38 per cent, a level it last hit in the mid-1980s.
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