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,

The International Monetary Fund on Tuesday said the Bank of England should be mindful over when to start cutting interest rates or risk harming an economy recently out of recession.