The International Monetary Fund (IMF) has warned that the UK needs significantly higher economic growth to avoid implementing tough budget measures. The IMF's warning comes as the UK budget balance, excluding interest payments, needs to improve by 0.8 to 1.4 percentage points of GDP per year in order to control debt. The IMF's assessment underscores the challenges facing the UK economy and the need for urgent action to stimulate growth. Rachel Reeves, who is set to outline the fiscal challenges confronting the Labour Party, will chair a new 'Growth Mission Board' that is scheduled to meet this week. UK ministers have indicated the possibility of a tough autumn budget and potential tax increases [8c3e2526].