The International Monetary Fund has urged UK Chancellor John Healey to cut pensions and welfare instead of raising taxes on banks, according to deputy director Helge Berger of the IMF's European department.
Berger made the recommendation after the Guardian reported that Healey plans to increase taxes on Britain's banks in the upcoming budget later this month.
The IMF's position contrasts with arguments from supporters of a bank tax, who contend that financial institutions received taxpayer-funded bailouts during the financial crisis and can afford higher contributions now.
The source material does not specify which pensions or welfare programmes the IMF identified as targets, what tax rate Healey is considering for banks, how much revenue either measure would raise, or the IMF's reasoning beyond the implied preference for welfare and pension cuts over bank taxation.