Reeves’ £40bn tax rises will boost growth ‘sustainably’, says IMF

Rare intervention comes as Resolution Foundation says UK will remain stagnation nation' despite push to invest

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The International Monetary Fund has welcomed the measures announced by Rachel Reeves in her first budget, saying her 40bn of tax rises would boost growth sustainably".

In a rare intervention, the Washington-based IMF backed her increase in investment and extra spending to ease the financial pressure on public services and boost growth.