Next UK government ‘cannot balance books by 2020’ – IMF

The International Monetary Fund (IMF) says the next British government will be unable to balance the country’s books within its five-year term.

The IMF predicts tax revenues will fall below official forecasts from the Office of Budget Responsibility, meaning the election winner will need to spend more than current plans set out, reports the Financial Times.

The IMF estimate notably casts doubt on Tory pledges to move Britain into surplus by 2018-19, but poses potential problems for whichever administration follows the 7 May poll.