Speaking to reporters at a joint press conference with IMF managing director, Rodrigo de Rato, UK Chancellor Gordon Brown hit back angrily at the suggestion that the government needs to increase taxes or reduce spending in order to shrink its budget deficit.
Responding to the bi-annual World Economic Outlook, published by the International Monetary Fund last week, Mr Brown observed that:
"As far as the IMF's recommendations on the surveillance of the British economy, this work was done in December. It was published then. It is out of date, given the figures that I managed to put forward in the budget."
He went on to add:
"It has become even more out of date as a result of what has happened to corporate taxes and other revenues. We will meet our fiscal rules in this cycle and the next. I do not accept the IMF statement about the British financial figures."
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