IMF puts pressure on George Osborne with criticism of cuts (epic Tory austerity frenzy fail)
Source: The Guardian
UK is singled out as country that should adopt less aggressive approach as IMF publishes report on world economic outlook
Larry Elliott in Washington
Tuesday 16 April 2013 18.02 BST
George Osborne is under mounting pressure to moderate his austerity strategy after the International Monetary Fund went public with fears that the pace of budget cuts is too severe for Britain's ailing economy.
The fund said it would be holding talks with the chancellor about his tax and spending plans in the wake of gloomy forecasts that subjected the UK to the biggest growth downgrade of any developed country for 2013 and 2014.
Olivier Blanchard, the IMF's chief economist, singled out Britain as a country that needed to adopt a less aggressive approach to deficit reduction.
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Until now, the IMF has hinted that the government might need to reassess its approach but stopped short of telling Osborne to change course. The tougher line now being adopted presents a political headache for the chancellor, who until now has been able to rely on international support for his policies.
Read more: http://www.guardian.co.uk/business/2013/apr/16/imf-pressure-george-osborne-cuts
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