Behind the diplomatic language this is the call for action on jobs and growth that the IMF has been threatening to deliver for many months and a stark warning of the consequences if the Chancellor refuses to listen.
The UK has avoided falling back into recession, with the latest ONS estimates showing a 0.3% growth in GDP in the first quarter of 2013.
Chancellor George Osborne halved his official growth forecast in his budget speech, although insisted that the UK would avoid a “triple dip” recession. Growth this year will be 0.6%, down from the 1.2% predicted only four months ago.
Budget statement to the House of Commons delivered by Chancellor of the Exchequer George Osborne on 20th March 2013.
Austerity has failed the UK. The Moody’s downgrade is evidence of that. Austerity is proving to be bad politics: Italy’s…