Chancellor of the Exchequer Jeremy Hunt is set to attend the International Monetary Fund’s annual meeting for the first time this week, where he will emphasize the importance of fiscal discipline and resilience to geopolitical shocks during meetings with finance ministers from around the world. The UK Treasury said Hunt will advocate for credible plans among major economies to manage borrowing. This follows similar calls earlier in the week by IMF Managing Director Kristalina Georgieva and Bank of England Governor Andrew Bailey. According to the Institute for Fiscal Studies, if Hunt seeks to fully offset the erosion of government budgets caused by rising inflation and finance additional defense spending, he would need to raise taxes by £36 billion—equivalent to increasing the basic rate of income tax by three percentage points.
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Original article: toutiao.com/article/1878815983042699/
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