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MPs meet IMF staff privately following review of UK economic policy

21 May 2024

MPs on the Treasury Committee met officials from the International Monetary Fund today, following the publication of their Concluding Statement this morning. 

In its latest publication, the IMF concludes that the UK economy is set for a ‘soft landing’ with CPI inflation predicted to achieve a durable return to the 2% target by early 2025.  

The Washington-based IMF staff go on to reflect the views, previously stated by the Treasury Committee in its report on quantitative tightening, that it’s important the Bank of England provides public clarity on its future balance sheet and plans for selling government bonds back into the market. 

It also calls for a reduction of the size and frequency of transfers between the Treasury and the Bank of England as a result of Quantitative Easing and Tightening – in line with the Committee’s recommendation from the same report.

A list of topics discussed in the meeting will be published in due course. 

Chair's comment

Chair of the Treasury Committee, Dame Harriett Baldwin, said: 

“While it remains our strong preference that the International Monetary Fund meets with the Committee in public so that their forecasts can be transparently scrutinised, we are pleased that we were able to meet their UK team privately on the day their Article IV statement was published.  

“Our discussion with the IMF was extremely interesting and informative and we will consider their views alongside the other official forecasts from the Office for Budget Responsibility and the Bank of England.” 

Further information

Image: House of Commons