IMF issues UK debt warning - papers

The International Monetary Fund (IMF) has warned long-term fiscal reforms will be required among advanced economies as it projected the UK's gross debt to GDP would rise to 90.6% in 2015.

The Washington-based fund says while some countries - including the UK - had made a start on the reform process, more action would be needed to address the "formidable challenge" of reducing debt ratios over the coming years, the Telegraph reports. It says the UK gross debt to GDP ratio would more than double by 2015 from 44.1% in 2007. In the US it forecast a rise to 109.7% from 62.1% over the same period. Read more...