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IMF warns UK against pushing its luck

The International Monetary Fund has warned the UK Government not to test the markets as it sinks deeper into debt.

In a stark warning, IMF mission chief to the UK Ajai Chopra says as the UK debt reaches 100 per cent GDP it will find it harder to raise money in the capital markets.

He also echoed the recent warnings of Bank of England governor Mervyn King and told the Government that it must speed up its debt repayment plans.

Chopra says: “The liabilities in the UK are quite sizable and both the Government bond market and the foreign exchange market conditions currently suggest that the UK is being given the benefit of the doubt, but this benefit of doubt will not last forever.

Chopra says the Government must not test the limits of the market’s confidence, and instead begin working on reducing national debt in earnest.

He says: “Policies will have to focus on being consistent and concentrating on the downside risks, in order to make sure that market confidence is maintained.”

Chopra says to do this the authorities have to move more aggressively in their fiscal consolidation plans, faster than is envisaged in the 2009 budget.


Get ready, Eddie

From 2010/11, the basic personal allowance will be subject to an income limit of £100,000. Where an individual’s “adjusted net income” is below or equal to the £100,000 limit, they will continue to be entitled to the full amount of the basic personal allowance.

Jail for fraudsters

Two people have been sentenced to over eight years in prison for a £508,000 mortgage scam in West Yorkshire with two fraudulent mortgage agreements with Woolwich and Yorkshire Bank.

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Fit for Work: guidance for employers published

On Friday, the Department for Work and Pensions published its guidance for employers on using the new Fit for Work (FfW) service to help ill employees return to the workplace. It also includes more details on the tax exemption for medical interventions that commenced on 1 January 2015.


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