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IMF warns of deficit problems prior to election.

BANKING AND CREDIT NEWS-April 17, 2015-IMF warns of deficit problems prior to election

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A report by the International Monetary Fund (IMF) has called into question whether any party would be able to balance the books in the next parliament, Sky News reported on Thursday.

According to the IMF the UK will not be able to balance its books by 2020. The prediction was made in the IMFs twice yearly Fiscal Monitor. The report by the fund, which promotes financial stability and can act as a lender of last resort to its 188 member nations, comes as the leaders of five opposition parties prepare to go head-to-head.

The report said that it expected falling tax revenues in the next government to be deeper than those anticipated by the UK's independent Office for Budget Responsibility (OBR), with the resulting loss impacting on any government's plans to eliminate the deficit by the end of the decade. The deficit is anticipated to total in excess of GBP90m in 2014-2015, down from GBP145bn at the beginning of the last Parliament.

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Publication:M2 Banking & Credit News (BCN)
Date:Apr 17, 2015
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