IMF urges caution in UK financial services reforms

Kristalina Georgieva
Kristalina Georgieva
IMF Photo/Allison Shelley

The International Monetary Fund urged the UK to proceed carefully with planned changes to financial services regulation, in light of recent banking stress.

Published today (May 23), the fund’s latest Article IV assessment of the UK economy is more upbeat than earlier assessments. Notably, the fund raised its forecast for UK growth in 2023 0.7 percentage points, to 0.4%, meaning the IMF no longer forecasts a recession.

“The outlook for the UK economy has improved but in the context of a highly

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