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

TaxPayers' Alliance calls for immediate sale of RBS shares

12:07 PM 24, Feb 2017 The TaxPayers' Alliance

TaxPayers' Alliance Icon

How much could HS2 end up costing taxpayers?

12:01 AM 20, Feb 2017 The TaxPayers' Alliance

TaxPayers' Alliance Icon

Cardiff raise Council Tax by 3.7%

11:08 AM 10, Feb 2017 Lee Canning

TaxPayers' Alliance Icon

A dedicated 'NHS' tax

9:34 AM 09, Feb 2017 Alex Wild