The International Monetary Fund warned Britain's government on Tuesday that it was on course to miss its debt target and should not cut taxes before an election later this year, with tax rises likely to be needed in future.

Rolling coverage of the latest economic and financial news, as IMF delivers its verdict on the UK economy.   11:18 The IMF is also warning that the UK economy urgently needs reforms to boost growth,

Organisation says the next government will need to raise tens of billions of pounds through spending cuts or higher taxes to meet fiscal target

Rishi Sunak is to press ahead with plans to cut National Insurance for workers despite warnings from the International Monetary Fund that the country needs higher taxes. The IMF warned that Chancellor Jeremy Hunt’s current plans for public spending were not credible and would leave Britain’s debt mountain on an ever-rising path.