IMF, OECD to Offer UK Economic Insights Pre-Spring Budget
The Treasury Committee has extended invitations to economists from the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD) to provide evidence regarding their recent economic forecasts for the UK economy. This move comes as the UK government prepares for the upcoming spring budget, scheduled for March 6th.
Both the IMF and OECD have recently published assessments of the UK's economic outlook, offering predictions on key indicators such as inflation, growth prospects, and productivity levels. The IMF released its World Economic Outlook in January 2024, while the OECD shared its perspective earlier this week as part of an interim report published on Monday, February 5th.
Harriett Baldwin, Chair of the Treasury Committee, emphasized the importance of hearing from these prominent international institutions as the government faces critical decisions about the future direction of the UK economy. She stated, "In the run-up to the March 6th budget, the Treasury Committee is keen to hear from these leading international institutions so that Committee members can ask them about their assumptions and their recommendations in one of our public hearings."
Baldwin highlighted the significance of understanding the thinking behind the forecasts provided by the IMF and OECD, especially considering the pivotal role these forecasts play in informing policy decisions. With the Chancellor poised to make crucial determinations affecting the UK's economic trajectory, the insights offered by officials from both organizations are expected to be instrumental in shaping the government's approach.
The invitations extended to the IMF and OECD economists underscore the Treasury Committee's commitment to ensuring that economic policymaking is informed by rigorous analysis and expert opinions from across the global economic community. As the UK navigates through a period of economic uncertainty and transitions, the forthcoming evidence session promises to provide valuable insights into the factors influencing the country's economic outlook and potential policy responses.
Stay tuned for updates as economists from the IMF and OECD prepare to share their perspectives on the UK's economic forecast in the lead-up to the Spring Budget.
