90 at 9: IMF slashes global economic forecast; UK budget a shocker

Bernard Hickey details the key news overnight in 90 seconds at 9am, including news the IMF has slashed its forecast for global economic output. The IMF now sees a 1.3% contraction in 2009, the first since World War II. Meanwhile, the British budget was a shocker with projected borrowing this year of 12.4% of GDP and debt doubling over the next 7 years. The UK put up its top tax rate to 50% from 40%. Back here, Bill English is softening us up for our tax cuts in 2010 and 2011 to be delayed because of the NZ$50 bln hole in GDP expected in coming years, and the need for New Zealand to keep its AA+ credit rating.