If there’s one institution that had been synonymous with support for governments pursuing austerity, it’s the Washington-based International Monetary Fund. The recent softening of its stance in the face of weak growth has been seized upon by critics of the policy. But last week’s IMF review of the UK economy didn’t deliver the wholesale change in assessment that some had expected.
Yes, according to Sir Mervyn King. The outgoing Governor of the Bank of England was able to deliver a slightly more optimistic message in his final inflation report press conference.
When the Chancellor presented his first budget in 2010, he was hoping that by now the economic recovery would be well under way, with growth at a healthy 2.9%.
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