Commenting on the IMF’s downgrade of the UK’s growth forecast, Mark Littlewood, Director General at the Institute of Economic Affairs, said:
“The Chancellor cannot endlessly postpone his plan to get the deficit under control. Weak growth forecasts simply go to underscore that we are spending more than we can realistically afford. In the name of so-called austerity, George Osborne will actually add £600 billion more to the national debt by the end of this parliament.
“Economic growth will not come form spending ever-increasing amounts of money. We need a more radical plan to reduce spending, cut taxes and deregulate business.”