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The IMF warns the UK to pay down debt

Over the last few months we have seen a significant parting of the ways between the International Monetary Fund (IMF) and the UK government. Even though an IMF statement just a few days ago suggested that the UK government was getting to grips with the economy and the UK was better placed than many to recover, a report produced after a staff mission to Britain in May has cast further doubt on the financial status of the UK as a whole.

The IMF believes strongly that Gordon Brown and Alistair Darling need to address the massive problem of national debt which has topped £1 trillion. Without a "credible plan" to pay down this debt in the medium to longer term the IMF believes the chances of "a run on the pound" increase significantly. This is not the first time that the UK government has been warned about the state of the UK finances and despite promising to tackle the issue with regards to tax rates and public sector budget cuts, no firm figures have been forthcoming.

The Conservative party recently tried to call the hand of the government with regards to public sector expenditure in the future although this has only created a wider chasm between the two parties. This is an issue which will need to be sorted one way or the other before the next general election.

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