George Osborne today dismissed criticism of his austerity programme from the International Monetary Fund as coming from “one voice one person.”
After the IMF downgraded prospects for the UK economy again last week, Olivier Blanchard, its chief economist, warned that the Chancellor ran a very high risk of plunging Britain into a long period of no growth or very little growth.
The Institute for Economic Affairs rejected the IMF view, however. “The Chancellor cannot endlessly postpone his plan to get the debt and deficit under control. Weak growth forecasts simply underscore that we are spending more than we can realistically afford,” Mark Littlewood, its director, said.
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