IMF-英国：2025年第四条磋商新闻稿；员工报告；联合王国执行主任的发言（英）

© 2025 International Monetary Fund IMF Country Report No. 25/204 UNITED KINGDOM 2025 ARTICLE IV CONSULTATION—PRESS RELEASE; STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR UNITED KINGDOM Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. In the context of the 2025 Article IV consultation with the United Kingdom, the following documents have been released and are included in this package: • A Press Release summarizing the views of the Executive Board as expressed during its July 21, 2025 consideration of the staff report that concluded the Article IV consultation with the United Kingdom. • The Staff Report prepared by a staff team of the IMF for the Executive Board’s consideration on July 21, 2025, following discussions that ended on May 27, 2025, with the officials of the United Kingdom on economic developments and policies. Based on information available at the time of these discussions, the staff report was completed on July 1, 2025. • An Informational Annex prepared by the IMF staff. • A Statement by the Executive Director for the United Kingdom. The document listed below will be separately released. Selected Issues The IMF’s transparency policy allows for the deletion of market-sensitive information and premature disclosure of the authorities’ policy intentions in published staff reports and other documents. Copies of this report are available to the public from International Monetary Fund • Publication Services PO Box 92780 • Washington, D.C. 20090 Telephone: (202) 623-7430 • Fax: (202) 623-7201 E-mail: publications@imf.org Web: http://www.imf.org International Monetary Fund Washington, D.C. July 2025 PR [25/262] IMF Executive Board Concludes 2025 Article IV Consultation with United Kingdom FOR IMMEDIATE RELEASE • An economic recovery is underway, with growth projected at 1.2 percent in 2025 before gaining momentum next year. • The authorities’ fiscal plans strike a good balance between supporting growth and safeguarding fiscal sustainability. It will be important to stay the course and deliver the planned deficit reduction over the next five years. • The Bank of England (BoE) should continue to ease monetary policy gradually, while remaining flexible in light of elevated uncertainty. • The authorities’ Growth Mission covers the right areas to lift productivity. Given the breadth of the agenda, prioritizing and sequencing of structural reforms, along with clear communication, will be key to success. Washington, DC – July 25, 2025: On July 21, the Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for the United Kingdom.1 The economy rebounded in Q1 2025, after weaker growth in the second half of 2024. The growth recovery in the first quarter was mainly driven by business investment. After easing to 1.7 percent in September, headline inflation picked up again in the fall mainly beca