Egypt Widens VAT Base in IMF-Backed Quest for New Revenue
Under the revisions posted Thursday in the government gazette, beverages will see prices rise depending on their alcohol content, with all types also subject to a 15% hike for each of the next three years. The increase will scale back to 12% thereafter.
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New company tasked with building up to 40,000 homes on brownfield railway land
The Government has launched a property company to oversee the release of brownfield sites on surplus railway land to enable tens of thousands of new homes to be built. Platform4 will ensure up to 40,000 homes are built over the next decade, the Department for Transport (DfT) said. The organisation will initially operate across England and Wales, with potential to expand to Scotland. Its roles were previously carried out by London and Continental Railways Ltd and Network Rail's property team, with each managing different aspects of the process. The DfT said this 'fragmented approach' often led to 'inefficiencies, duplicated efforts and missed opportunities'. Profits generated from Platform4 will be reinvested into Britain's railways. The business is expected to generate an additional £227 million by delivering development faster and at a larger scale than before. Four locations already earmarked for regeneration are Newcastle Forth Yards (an opportunity for up to 600 new homes), Manchester Mayfield (up to 1,500 new homes), Cambridge (425 new homes), and Nottingham (200 new homes). Transport Secretary Heidi Alexander said: 'Our railways are more than just connections between places – they create economic opportunity and drive regeneration. 'It's exciting to picture the thousands of families who will live in these future homes, the vibrant neighbourhoods springing up, and the new businesses that will launch thanks to these developments. 'Platform4 will breathe new life into these spaces, delivering tens of thousands of new homes as part of our Plan for Change promise to build 1.5 million homes, while reviving communities around rail stations, supporting jobs and driving economic growth.' Deputy Prime Minister and Housing Secretary Angela Rayner said: 'We are facing a housing crisis which has led to a generation being locked out of homeownership, all while land sits empty and disused across the country. 'We said we'd do everything possible to get Britain building, and that's why today we're setting out how we'll get more homes built across surplus railway network sites in line with our brownfield-first approach.' Platform4 will be chaired by Bek Seeley, who has held several roles in regeneration projects. She said: 'Working alongside our partners and local authorities, we will create sustainable places that bring communities and customers together and leave a positive legacy for future generations.'
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The International Monetary Fund (IMF) has raised its U.S. economic growth outlook, citing easing trade frictions and fiscal stimulus from the One Big Beautiful Bill Act, even as the global agency warned that tariff risks and inflation pressures remain. The IMF said in its latest World Economic Outlook (WEO) report, released on July 29, that it now expects the U.S. economy to expand by 1.9 percent in 2025 and by 2 percent in 2026. That's up 0.1 and 0.3 percentage points, respectively, from the IMF's projections in April, when it expected higher tariffs and tighter financial conditions than have since materialized.
Fast Company
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NEWS Future tariff increases are not reflected in the IMF numbers, and could raise effective tariff rates further. International Monetary Fund logo is seen inside the headquarters at the end of the IMF/World Bank annual meetings in Washington, U.S., October 9, 2016. [Photo: Reuters/Yuri Gripas/File Photo] BY The International Monetary Fund on Tuesday raised its global growth forecasts for 2025 and 2026 slightly, citing stronger-than-expected purchases ahead of an August 1 jump in U.S. tariffs and a drop in the effective U.S. tariff rate to 17.3% from 24.4%. It warned, however, that the global economy faced major risks, including a potential rebound in tariff rates, geopolitical tensions, and larger fiscal deficits that could drive up interest rates and tighten global financial conditions. 'The world economy is still hurting, and it's going to continue hurting with tariffs at that level, even though it's not as bad as it could have been,' said Pierre-Olivier Gourinchas, IMF chief economist. In an update to its World Economic Outlook from April, the IMF raised its global growth forecast by 0.2 percentage point to 3.0% for 2025 and by 0.1 percentage point to 3.1% for 2026. However, that is still below the 3.3% growth it had projected for both years in January and the pre-pandemic historical average of 3.7%. It said global headline inflation was expected to fall to 4.2% in 2025 and 3.6% in 2026, but noted that inflation would likely remain above target in the U.S. as tariffs passed through to U.S. consumers in the second half of the year. The U.S. effective tariff rate – measured by import duty revenue as a proportion of goods imports – has dropped since April, but remains far higher than its estimated level of 2.5% in early January. The corresponding tariff rate for the rest of the world is 3.5%, compared with 4.1% in April, the IMF said. U.S. President Donald Trump has upended global trade by imposing a universal tariff of 10% on nearly all countries from April and threatening even higher duties to kick in on Friday. Far higher tit-for-tat tariffs imposed by the U.S. and China were put on hold until August 12, with talks in Stockholm this week potentially leading to a further extension. The U.S. has also announced steep duties ranging from 25%-50% on automobiles, steel and other metals, with higher duties soon to be announced on pharmaceuticals, lumber, and semiconductor chips. Such future tariff increases are not reflected in the IMF numbers, and could raise effective tariff rates further, creating bottlenecks and amplifying the effect of higher tariffs, the IMF said. Shifting tariffs Gourinchas said the IMF was evaluating new 15% tariff deals reached by the U.S. with the European Union and Japan over the past week, which came too late to factor into the July forecast, but said the tariff rates were similar to the 17.3% rate underlying the IMF's forecast. 'Right now, we are not seeing a major change compared to the effective tariff rate that the U.S. is imposing on other countries,' he said, adding it was not yet clear if these agreements would last. 'We'll have to see whether these deals are sticking, whether they're unravelled, whether they're followed by other changes in trade policy,' he said. Staff simulations showed that global growth in 2025 would be roughly 0.2 percentage point lower if the maximum tariff rates announced in April and July were implemented, the IMF said. The IMF said the global economy was proving resilient for now, but uncertainty remained high and current economic activity suggested 'distortions from trade, rather than underlying robustness.' Gourinchas said the 2025 outlook had been helped by what he called 'a tremendous amount' of front-loading as businesses tried to get ahead of the tariffs, but he warned that the stockpiling boost would not last. 'That is going to fade away,' he said, adding: 'That's going to be a drag on economic activity in the second half of the year and into 2026. There is going to be pay-back for that front loading, and that's one of the risks we face.' Tariffs were expected to remain high, he said, pointing to signs that U.S. consumer prices were starting to edge higher. 'The underlying tariff is much higher than it was back in January, February. If that stays … that will weigh on growth going forward, contributing to a really lackluster global performance.' One unusual factor has been a depreciation of the dollar, not seen during previous trade tensions, Gourinchas said, noting that the lower dollar was adding to the tariff shock for other countries, while also helping ease financial conditions. U.S. growth was expected to reach 1.9% in 2025, up 0.1 percentage point from April's outlook, edging up to 2% in 2026. A new U.S. tax cut and spending law was expected to increase the U.S. fiscal deficit by 1.5 percentage points, with tariff revenues offsetting that by about half, the IMF said. It lifted its forecast for the euro area by 0.2 percentage point to 1.0% in 2025, and left the 2026 forecast unchanged at 1.2%. The IMF said the upward revision reflected a historically large surge in Irish pharmaceutical exports to the U.S.; without it, the revision would have been half as big. China's outlook got a bigger upgrade of 0.8 percentage point, reflecting stronger-than-expected activity in the first half of the year, and the significant reduction in U.S.-China tariffs after Washington and Beijing declared a temporary truce. The IMF increased its forecast for Chinese growth in 2026 by 0.2 percentage point to 4.2%. Overall, growth is expected to reach 4.1% in emerging markets and developing economies in 2025, edging lower to 4.0% in 2026, it said. The IMF revised its forecast for world trade up by 0.9 percentage point to 2.6%, but cut its forecast for 2026 by 0.6 percentage point to 1.9%. —Andrea Shalal, Reuters The early-rate deadline for Fast Company's Most Innovative Companies Awards is Friday, September 5, at 11:59 p.m. PT. Apply today.
