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Icantbelieveitsnotbutter

Gordon Might Want To Cut Taxes...

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By Mark Deen

Aug. 6 (Bloomberg) -- Prime Minister Gordon Brown's government should work to curb its budget deficit over the next two years even as the outlook for U.K. economic growth turns increasingly ``grim,'' the International Monetary Fund said.

``The outlook has deteriorated markedly in recent months,''

Ajai Chopra, deputy director of the IMF's European department, said on a conference call from Washington today. The government's commitment control spending ``should not waver, and it should be regarded as a minimum.''

A report by the IMF released today also said the Bank of England has little room to reduce its benchmark lending rate as a way of bolstering economic growth. Instead, it warned that inflation was likely to rise in the coming months.

``A lot of the economic data that started coming out were much more grim than what we had expected,'' Chopra said.

``We knew we'd have to revise our forecasts.''

The IMF slashed its growth forecast for Britain to 1.4 percent in 2008 from the 1.8 percent it predicted in May, and to

1.1 percent in 2009, down from 1.7 percent. The organization expects the U.K. to experience several quarters of growth of about 0.1 or 0.2 percent as consumer spending fades, house prices drop and business investment slows.

``When growth is skating so close to zero, it doesn't take much to push that into negative territory,'' Chopra said when asked about the risk of a recession.

Do you think Gordon understood what the word prudence meant when he kept uttering it, or do you think in reality, given his strange pronunciation and garbled speech, he's been saying profligate all along, we just misheard him...

Edit; my a key and n key seem to have transposed themselves

Edited by Icantbelieveitsnotbutter

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By Mark Deen

Aug. 6 (Bloomberg) -- Prime Minister Gordon Brown's government should work to curb its budget deficit over the next two years even as the outlook for U.K. economic growth turns increasingly ``grim,'' the International Monetary Fund said.

``The outlook has deteriorated markedly in recent months,''

Ajai Chopra, deputy director of the IMF's European department, said on a conference call from Washington today. The government's commitment control spending ``should not waver, and it should be regarded as a minimum.''

A report by the IMF released today also said the Bank of England has little room to reduce its benchmark lending rate as a way of bolstering economic growth. Instead, it warned that inflation was likely to rise in the coming months.

``A lot of the economic data that started coming out were much more grim than what we had expected,'' Chopra said.

``We knew we'd have to revise our forecasts.''

The IMF slashed its growth forecast for Britain to 1.4 percent in 2008 from the 1.8 percent it predicted in May, and to

1.1 percent in 2009, down from 1.7 percent. The organization expects the U.K. to experience several quarters of growth of about 0.1 or 0.2 percent as consumer spending fades, house prices drop and business investment slows.

``When growth is skating so close to zero, it doesn't take much to push that into negative territory,'' Chopra said when asked about the risk of a recession.

Do you think Gordon understood what the word prudence meant when he kept uttering it, or do you think in reality, given his strange pronunciation and garbled speech, he's been saying profligate all along, we just misheard him...

Edit; my a key and n key seem to have transposed themselves

The word prudence was always followed by a mouth spasm, so who knows - his inner robot knows whats what I recon.

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Do you think Gordon understood what the word prudence meant when he kept uttering it, or do you think in reality, given his strange pronunciation and garbled speech, he's been saying profligate all along, we just misheard him...

Edit; my a key and n key seem to have transposed themselves

If you ever thought Gordon wanted to cut taxes then you definitely misheard him!

AFP

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The IMF pointed out that it could take years of fiscal adjustment, with sharp spending cuts or tax rises of up to 1% of GDP a year up to 2013, to bring the budget back into equilibrium.

Goodbye Gordon.

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  • 395 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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