United Kingdom may have to apply to IMF for loan due to economic problems — newspaper

  LONDON:  The government of the United Kingdom may apply for a loan to the International Monetary Fund due to economic problems, Professor ...

 

LONDON:  The government of the United Kingdom may apply for a loan to the International Monetary Fund due to economic problems, Professor of the University of Cambridge Jagjit Chadha said, cited by The Daily Telegraph.

"I’m in a world in which I could imagine it [an IMF bailout] happening, and we’ll be bereft in that case," the economist said, cited by the news outlet. "We will not be able to roll over debt, we will not be able to meet pensions payments, benefits will be hard to pay out," he added.

The economist stressed that the economy of the United Kingdom is on the brink of collapse. Chadha compared the current situation with the one occurred in 1976, when London eventually applied to the IMF for a bailout amid high energy prices and de-industrialization in the country.

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