We learned this morning just how much the government is struggling to keep its promise to bring down the national debt. But news from the International Monetary Fund (IMF) will be lifting spirits in No. 10. Perhaps it can make good on another pledge: to grow the economy.
The IMF has once again revised its figures for estimated GDP growth, and it’s good news for Britain. Following on from a fairly dramatic lift last month in which the IMF halved its recession forecast for the UK, but still predicted a contraction, the Fund has once again upgraded its forecasts, now predicting 0.4 per cent growth this year. Moreover, the UK has been lifted from last place in the G7 growth race, now ranking above Germany, for which the IMF predicts virtually zero growth.
Unsurprisingly the Treasury is capitalising on this 0.7
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