The IMF have just released a scathing report on the state of the British economy. Here, for your perusal, are some of the stand-out quotes:
“Recovery has stalled. Post-crisis repair and rebalancing of the UK economy is likely to be more prolonged than initially envisaged. Confidence is weak and uncertainty is high.” – Page 1
“The planned pace of structural fiscal tightening will need to slow if the recovery fails to take off even after additional monetary stimulus and strong credit easing measures.” – Page 1
“The big picture on growth is one of stagnation since late-2010″ – Page 5
”If growth does not take off and unemployment fails to recede even after substantial further monetary stimulus and strong credit easing measures have been given time to work, the policy response should include a further slowing of fiscal consolidation.” – Page 39
“Scaling back fiscal tightening plans should be the main policy lever if growth does not build momentum by early-2013 even after further monetary stimulus and strong credit easing measures.” – Page 45
Too far. Too fast. Hurting but not working. Once they were Labour Party soundbites – now they’re being backed by the IMF.