IMF predicts the UK's economy will shink the fastest of any developing country's

January 28, 2009 5:02 PM

This news, reported in the Times, is a complete indictment of the Keynesian stimulus Alistair Darling unveiled at the Pre-Budget Report.  It also highlights the huge costs of ruinous policy choices in the last decade - from high corporate taxes to regulations that make energy more expensive - that have hurt other industries and left Britain overly reliant on the, now contracting, financial services sector:



"The outlook was also dire for the United States and the eurozone, whose economies were seen contracting by 1.6 per cent and 2 per cent, respectively.


Hardest hit of all, however, would be Britain. The IMF revised its expectations for the contraction in the UK economy upwards from 1.3 per cent to 2.8 per cent."

This news, reported in the Times, is a complete indictment of the Keynesian stimulus Alistair Darling unveiled at the Pre-Budget Report.  It also highlights the huge costs of ruinous policy choices in the last decade - from high corporate taxes to regulations that make energy more expensive - that have hurt other industries and left Britain overly reliant on the, now contracting, financial services sector:



"The outlook was also dire for the United States and the eurozone, whose economies were seen contracting by 1.6 per cent and 2 per cent, respectively.


Hardest hit of all, however, would be Britain. The IMF revised its expectations for the contraction in the UK economy upwards from 1.3 per cent to 2.8 per cent."

Latest Blogs:

TaxPayers' Alliance Icon

The REAL impact of beer duty

3:14 PM 14, Nov 2017 Ben Ramanauskas

TaxPayers' Alliance Icon

Paradise Papers

1:44 PM 06, Nov 2017 Duncan Simpson

TaxPayers' Alliance Icon

Innovations like "CareBnB" are good for the NHS

4:39 PM 02, Nov 2017 The TaxPayers' Alliance

TaxPayers' Alliance Icon

Coming to the aid of aid

5:06 PM 01, Nov 2017 Duncan Simpson

TaxPayers' Alliance Icon

Get nanny out of the nursery

12:00 PM 20, Oct 2017 Ben Ramanauskas