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IMF Warns UK PM Candidate Burnham Against Raising Top Income Tax Rate on July 16

2026-07-16 15:53:19

According to the IMF, on July 16, the International Monetary Fund warned Andy Burnham, the incoming UK Prime Minister, against raising the top income tax rate, citing risks to employment and economic growth. The IMF recommended instead increasing taxes on lower-income households. In its annual Article IV assessment of the UK economy, the Fund noted that Britain's tax policy is approaching adjustment limits, with VAT and property taxes already above international averages. While labor taxes remain slightly below levels in other Group of Seven nations and contribute nearly half of government revenue, the IMF stated that taxing the wealthy further would be counterproductive given their already substantial tax burden.

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