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Senior Conservatives are calling for Rishi Sunak to develop an economic growth plan after the International Monetary Fund (IMF) predicted that the UK would be the only major economy to shrink this year.
The key person behind the new conservative growth group has spoken out Me The prime minister must launch “urgent” public service reforms and targeted tax cuts to boost the economy.
Among them are fixing the doctor pension trap that has caused many experienced doctors to leave the profession branded as the “doctor tax”, and rethinking child care provision and kickstarting it. There have been calls to provide a “quick fix” for growth.
The call comes after the IMF forecast Britain’s GDP to contract by 0.6% this year, making it the only G7 country to slip into recession before returning to growth in 2024.
By contrast, Canada grew by 1.2%, the US and Japan by 1%, France by 0.9%, Italy by 0.1% and Germany by 0%.
Even the economy under heavy Russian sanctions is expected to grow by 1% this year, according to the IMF.
Reacting to the numbers, Conservative MPs behind the Conservative Growth Group (CGG) called on Sunak to start delivering a growth plan.
“A new set of projections highlight the urgent need for economic and public service reforms to focus on growth in the UK economy,” said one CGG member.
“There will be quick wins across government to cut the ‘red tape’ to boost business. Removing the doctor tax would mean more experienced doctors in the NHS and more patients. see a doctor more quickly,[ing] People go back to work later in life. And childcare reform, which allows parents to choose who cares for their children, will help people make the most of their skills and get the jobs they want.
“These are the targeted measures needed now to grow Britain and improve and pay for families across the country.[ing] Reduce the national debt in the next few years. ”
The comment is one of a growing number of Liz Truss supporters expressing concern about the government’s plans to improve growth in the UK.
Former Tory leader Yin Duncan-Smith said Tuesday morning: Me The IMF figures underscore the need to focus on growth to reduce the country’s debt.
“Targeted tax cuts can help achieve that. No wonder our economy is shrinking. We have one of the toughest fiscal tightening policies.
He called for deregulation, short-term fiscal stimulus and cuts in government spending.
Prime Minister Jeremy Hunt will face questions from Tory MPs about his growth plans on Tuesday night when he attends a meeting of the 1922 Commission.
UK Fiscal Institute’s Paul Johnson said the UK was facing an exceptional situation, with a severe labor shortage, Mr Truss’ collapsed ‘mini-budget’ leading to higher mortgage rates and later It said it was exacerbating the economic woes, including the impact of Brexit.
