Target pensions or welfare, not banks, IMF tells John Healey

The International Monetary Fund has urged John Healey to target savings on pensions and welfare, instead of taxing Britain’s banks at the budget later this month. Helge Berger, deputy director of the IMF’s European department, was asked about bank taxes after the Guardian revealed Healey plans to tap the sector for additional revenue. Berger replied that given the UK’s current high tax-to-GDP ratio, it might be better to “put the emphasis” on cuts.